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Property developer Ayala Land Inc. is optimistic on sustaining its growth momentum this year despite the high-interest-rate environment as it shifts its focus on developing more upscale residential and mall projects.
ALI president Anna Ma. Margarita Dy said during the company’s annual stockholders meeting Thursday the current environment is affecting demand for housing projects catering to the middle-income group, the group’s core residential market.She said 80 percent of launches for 2024 would be upscale projects as this segment remained resilient despite high interest rates.
ALI reported plans to launch P100 billion worth of projects and spend P100 billion for 2024 capital expenditures.Dy said ALI’s projects for the middle-market are on push-button mode, are ready for launching once interest rates start to ease. “Current higher interest rate is affecting demand in the mid-market, our core residential market Avida and Amaya brands. The sentiment there is improving, and we expect a boost when interest rates improve,” Dy said.“In 2023, our performance was good with 18 percent growth in revenues and 32 percent in net income after tax. We expect this growth to continue, and our planning parameters do not include boost from lower interest rates,” Dy said.
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