Property developer Ayala Land Inc. is set to launch three huge mixed-use developments this year as it ramps up expansion on expectations of sustained growth of the economy.
The three new estates are the 250-hectare Evo City in Kawit, Cavite; the 25-hectare Azuela Cove in Davao City in joint venture with the Alcantara group; and a 35-hectare property between Quezon City and Pasig City in joint venture with the LT Group of tycoon Lucio Tan.
Ayala Land president Bernard Vincent Dy said in a news briefing following the company’s annual stockholders meeting the three new estate developments would add to the company’s existing 20 townships across the country.
“2016 was a successful year for us and as far as our 20-20-40 target we announced three years ago, we are on track. We feel that we can make progress in that plan this year and what gives us confidence is that the economy continues to be robust. The economic drivers that support the growth of the property industry continue to be there,” Dy said.
He said mortgage rates continued to be low while the business process outsourcing industry remained strong. Dollar remittances from overseas Filipino workers were still healthy while the tourism sector, both domestic and international, continued to grow, he said.
Under its 20-20-40 vision, Ayala Land expects to grow its net income by 20 percent annually to hit P40 billion by 2020 from P11.7 billion in 2013.
Ayala Land earmarked P88 billion for 2017 capital expenditures primarily to roll out more residential, hotel, office and retail projects.
Meanwhile, Ayala Land chief finance officer Jaime Ysmael was appointed chairman and president of OCLP Holdings Inc.
Ysmael will be replaced by Augusto Bengzon, who is currently the deputy chief finance officer of Ayala Land.
OLCP Holdings is the parent company of private property firm Ortigas and Company Limited Partnership, which is now jointly managed and owned by Ayala Land and SM Prime Holdings Inc.
Ysmael said he would oversee the development plans of four existing projects of the company, including Greenhills Shopping Center, Capital Commons, Cirkulo Verde and Fonterra Verde.
Ysmael said these properties were being redeveloped into a mixed-use development with office, residential and retail components.