Strong property sales and steady leasing revenues have propelled Ayala Land, Inc. (ALI), the real estate arm of the Ayala Group, to grow its net income by 10 percent to P6.9 billion in the first quarter of the year.

In a stock exchange report on Tuesday, the company said total revenues rose 6 percent to P43.6 billion, lifted by residential bookings and stable mall, office, and hotel operations.

Property development revenues climbed 11 percent to P27.8 billion. Residential revenues rose 3 percent to P22.0 billion, led by the Premium segment. Commercial and industrial lot sales more than doubled to P5.7 billion, boosted by strong demand at Arca South in Taguig.

Reservation sales reached P36.2 billion, up 4 percent, driven by growth in Premium residential and commercial lot take-up. It offset weaker Core residential sales, which brought in P10.5 billion.

ALI launched four new projects worth P12.6 billion, all outside Metro Manila and mostly from the Premium segment. These include AyalaLand Premier’s Virendo in Davao and new phases of Ayala Westgrove Heights and Amaia Scapes Gen. Trias in Cavite.

Leasing revenues increased 7 percent to P11.6 billion. Mall revenues rose 4 percent to P5.7 billion, while office revenues also grew 4 percent to P2.9 billion. Hotels and resorts earned P2.6 billion, up 10 percent, supported by better occupancy and room rates despite temporary closures for renovation.

Industrial real estate revenues surged 60 percent to P357 million, driven by AREIT’s land holdings and new cold storage facilities.

“As we close the first quarter of 2025, I am pleased to share that Ayala Land remains firmly on track—guided by discipline, resilience, and long-term perspective—even as we navigate today’s complex macroeconomic landscape,” ALI President and CEO Ms. Anna Ma. Margarita Bautista-Dy said.

“We are energized with what lies ahead and continue to deliver sustainable long-term value for all our stakeholders,” she added.

Capital expenditures hit P20.6 billion, with 46 percent spent on residential development, 30 percent on estate infrastructure, 16 percent on leasing and hospitality, and 9 percent on land acquisition.