Ayala Land Inc. is boosting investments in 2023 to take advantage of a recovering economy while maintaining a cautious stance on the residential sector, which was hit by a sharp increase in cancellations as home buyers wavered amid rising interest rates.
Ayala Land’s overall property development revenues expanded by 7 percent to P81.2 billion.
Commercial lot sales soared 75 percent to P14.5 billion, however, residential sales saw “a slight dip” to P63.5 billion due to extended downpayment terms. This came as the Bangko Sentral ng Pilipinas started aggressively raising interest rates to tamp down stubborn inflation. Ayala Land chief finance officer Augusto Bengzon said home buyer cancellations in 2022 rose 19 percent above the prepandmiec level.In line with this, the developer was ramping up residential expansion with the planned launch of P110 billion worth of projects in 2023—an increase of 19.5 percent. “If the market comes in stronger than anticipated we are prepared to launch up to P130 billion,” Dy said.Office-for-sale revenues declined by 16 percent to P3.
Shopping centers and hotel revenue doubled to P16.1 billion and P6.2 billion while office rentals grew 13 percent to P11.1 billion following the opening of One Ayala East and West Towers in Makati City.The developer launched two new estates in 2022. These were Areza at Lipa City, Batangas, and Crossroads at Plaridel, Bulacan. Areza, a 92-hectare development, is ALI’s first master-planned, mixed-use estate in Batangas. The builder will open four new estate projects in 2023.
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