Ayala Land sets foot in California
MANILA, Philippines—Property giant Ayala Land Inc. aims to expand its offshore business with the opening of a new office and showroom at the Seasons’ MarketPlace in Milpitas, California, a shopping center which is the Filipino company’s first retail property project in the United States.
In a statement, ALI said the opening of another marketing and customer service office outside the Philippines was “in line with efforts to address the housing and investment requirements of the growing number of Filipinos overseas.”
The 40 square-meter office and showroom in Milpitas is about 40 miles from San Francisco and a melting pot of popular Philippine food chains and boutiques. This was an initiative of ALI’s wholly owned subsidiary, Ayala Land International Sales Inc. (ALISI).
“We want to grow with our ‘Kababayans’ (fellow Filipinos) abroad by being present in key cities around the world. But more than that, we hope to journey with them as they aspire and fulfill their dreams for their families,” said Thomas Mirasol, a vice president of ALI and president of ALISI.
Based on the latest data from the Commission on Filipinos Overseas, an estimated 9.4 million expatriate Filipinos live and work in various parts of the globe, generating over $20 billion in overseas remittances in 2011. About three million of the overseas Filipinos are in the United States.
“There is a greater interest from overseas Filipinos to invest in the Philippines and we want Ayala Land to be at the forefront in addressing the housing requirements of this dynamic market segment,” said Mirasol. “We’re glad that we can now showcase Ayala Land products through our offices in London, Rome, Milan and now in Milpitas. Very soon, we will be in Dubai, Singapore, and Sydney.”
ALI intends to boost its presence in the country and abroad to sustain its high growth trajectory under its “5-10-15” plan. This plan is to achieve P10 billion in net income and a 15 percent return on equity by 2014.
The property company has identified various growth areas in the Northern, Central, and Southern parts of Luzon, Visayas, and Mindanao where it aims to build large-scale, integrated, mixed use developments that will cater to a greater number of Filipinos including those working overseas.
