June 22, 2018, 12:44 pm
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1 Philippine Peso = 0.06897 UAE Dirham
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1 Philippine Peso = 1 Philippine Peso
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Major developer sets record capex of P110B

Ayala Land Inc. said capital expenditure for the year will hit P110.8 billion, up from the  P91.1-billion capital spending last year.

The higher capex is in line with  the company’s aim  to be a P40- billion developer by 2020. 

Of the amount, residential projects will account for 43 percent, leasing malls, offices, and resorts account for 31 percent, 12 percent for land acquisition and the balance for estate development and other investments. 

Augusto Bengzon, Ayala Land chief finance officer, said 2018 will be a “landmark” year for the company as it launches P125 billion worth of projects -- residential, office, and hotels -- to drive growth further. 

According to Bengzon, Ayala Land’s historical capex the past  five years averaged P80 billion annually. 

“We see good prospects in the market and at the same time we have that platform which we can unlock to allow us to grow,” said Bengzon. 

The company looks to launch P100 billion worth of residential and office projects this year and P25-billion worth of leasing spaces. 

Bengzon said at present, Ayala Land “may be the largest office landlord” with an office gross leasing area of 1.02 million square meters (sq.m.) and is the third largest hotel and resort developer at 2,583 rooms. 

This year, Ayala Land will open 280,000 sq.m. of retail spaces including  One Bonifacio High Street, which has  23,000 sq.m. in gross leasable area (GLA) and Circuit Mall, 54,000 sq.m. GLA.

In office development,  Ayala Land expects to open this year Ayala North Exchange which has a GLA of 20,000 sq.m. and Vertis North BPO 3, 38,000 sq.m.

In the hotel and resorts segment, the company will  open the 19-room Huni Sicogon and the 153-room Seda Lio. 

Margarita Dy, Ayala Land strategic landbank management group head, said the company is also set to launch another estate “in the VisMin area” after January’s launch of the 35-hectare Parklinks in the Pasig City/Quezon City area, and another pocket development of around 11 to 12 hectares in Quezon City.

Bernard Vincent  Dy, Ayala Land president, said economic fundamentals continue to be supportive of the real estate market -- household consumption continues to be good, mortgage rates continue to be low, the business process outsourcing industry continues to grow, and tourism remains strong. 

“Back in 2014 we launched a 2020 plan to reach P40 billion by 2020 and we continue to be on track,” said Dy. 

“Between 2018 and  2020, to be able to get to P40 billion we need to grow by 17 percent a year. We feel this is achievable primarily because as … our country continues to grow, macro fundamentals continue to be supportive of growth,” Dy added. 

Dy said Ayala Land’s 10,285-hectare land bank is a strong “platform for growth” for the company with its 25 estates all over the country and the company’s presence in 55 growth centers nationwide. 

“We now have 25 estates spread all over the Philippines and this will provide (sites for)  our residential, office, as well as shopping centers,” said Dy. 

“Our capex is significantly higher year-on-year, so this is going to be an all-time high. And that is an indication of the opportunities that we see in the market,” he added.

Bengzon said Ayala Land may tap the capital market to partly finance this year’s capital spending. 

The company is looking at a roughly P10-billion bond offer.

The capital spending will be partly financed by a combination of bonds and some bilateral loans,” Bengzon said.
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