Ayala Land Inc. (ALI) is allocating P88 billion for capital expenditures (capex) this year, an increase of 3.04 percent from the P85.4 billion capex last year.
“As the property market continues to maintain a generally robust outlook, with steady interest rates, flow of OFW remittances driving consumption, and a thriving BPO sector, Ayala Land looks forward to introducing new projects in 2017 to support its growth targets and sustain contributions to the local economy,” said ALI President Bernard Vincent Dy.
This 2017, 47 percent of ALI’s capex will be used for residential segment, 12 percent for land acquisition, 13 percent for malls, 11 percent for offices, 5 percent for hotels and resorts, 6 percent for estate development and the rest for other expenditures.
Furthermore, ALI targets to complete seven shopping centers this year with a total gross leasable space of 224,000 square meters including the recently opened Ayala Malls The 30th in Pasig, as well as Ayala Malls Vertis North in the Quezon City CBD, Ayala Malls Feliz in Cainta, and Ayala Malls One Bonifacio High Street in BGC.
The Manila Times