MANILA, Philippines - Ayala Land Inc. (ALI) has purchased a 6.6-hectare property in Muntinlupa City, which used to house a Nestle coffee factory, as part of the P8.8 billion earmarked for land acquisitions this year.
In a disclosure to the Philippine Stock Exchange, ALI said the purchase by middle-income housing subsidiary Avida Land is intended to further widen its presence in the southern part of Metro Manila.
The company did not say how much it acquired the property, which it plans to convert into another residential masterpiece with commercial and office leasing components.
The Muntinlupa property will add to the group’s roster of developments in the area which includes the 700- hectare Ayala Alabang Village, the two-tower Avida Towers Alabang, and the newly expanded Alabang Town Center.
The acquisition is also in line with the group’s target to chalk up a net income of at least P10 billion by 2014, equivalent to a return on equity of 15 percent.
“We are always on the lookout for opportunities that will allow us to grow geographically. This move allows us to offer our products to a bigger market and provide more Filipinos the ability to experience living in sustainable Ayala Land communities,” said Jaime E. Ysmael, chief finance officer of ALI.
ALI recently launched Harbor Point in the Subic Bay area to add to its initial Northern Luzon offerings in Pampanga that include Marquee Mall and Marquee Residences in Angeles and Avida Residences in San Fernando.
The group also continues to fortify its presence in the southern part of Luzon to complement its 1,800-hectare Nuvali community which has now become a convergence point for many residents in the Sta. Rosa and Canlubang areas.
In the Visayas, plans are underway for new developments in new areas in Iloilo, Bacolod and Negros Occidental. The company is also looking to strengthen its foothold in Cebu.
In Mindanao, the group is currently building Centrio, a P5-billion mixed-use property project in Cagayan de Oro in partnership with the Floirendo family’s Anflogroup. It is also further expanding its Abreeza development in Davao.
Another project in the pipeline is the group’s planned entertainment complex in the former site of the Sta. Ana Race Track in Manila.