Conglomerate Ayala Corp.’s property arm Ayala Land Inc. (ALI), reported a 13 percent jump in its net income in 2019 to P33.2 billion from P29.2 billion in 2018 on the back of strong lot sales in its office, commercial and industrial segments.
ALI’s revenues hit P168.8 billion or two percent higher from P166.2 billion in 2018. Property development revenues reached P117.6 billion while sales reservations finished three percent higher at P145.9 billion owing to growth in reservations in the ALVEO and Avida brands.
The developer also saw a 13 percent jump in commercial leasing revenues, to P39.3 billion, due to newly-opened malls, offices and hotels.
Surpassing its P100 billion capital expenditure target last year, ALI said it spent P109 billion in 2019 as part of its bid to invest in mixed-use developments nationwide.
Invest binge continues
ALI president and chief executive officer Bernard Vincent Dy said the developer “continues to invest in all our existing estates which help spur economic activity in their respective localities.”
ALI launched P158.9 billion worth of property development projects in 2019 and spent P15.1 billion in malls, offices and hotel resorts.
Meanwhile, ALI said it saw shopping center revenues rise 11 percent to P22 billion in 2019 due to contributions from Ayala Malls Feliz, Capitol Central and Circuit Makati. It increased its mall footprint to 2.12 million square meters last year as it opened three new shopping centers totaling 213 thousand square meters (sqm) of gross floor area.
Office revenues also jumped 12 percent to P9.7 billion, with total office gross leasable area reaching 1.17 million sqm after the completion of the Ayala North Exchange BPO Tower, Manila Bay BPO Tower and the Central Bloc Corporate Center 1 in Cebu.