MANILA, Philippines - Ayala Land Inc. (ALI) is launching P90 billion worth of projects, according to its president Antonino Aquino.
In an interview on ANC's On The Scene, Aquino said the company is allocating P37 billion this year for the 67 projects, which are worth P90 billion.
"When you talk about the value of the projects that are launched, the magnitudes are actually significant. This year as an example, we estimated that the value of the projects that we are launching this year will really be amounting to about P90 billion. It just so happens that since projects typically would be constructed over a period of time, about P37 billion is actually what we will be spending, constructed this year," he said.
Aquino said the property developer has been significantly increasing its capital expenditures over the years. "It's a testament to the very good take-up that we're having on our residential sales, brought about by the very positive GDP growth and low interest rate regime," he said.
The property developer is also focusing on its leasing business for its shopping centers and offices.
In the first quarter of 2012, Aquino said sales have been "substantially more" than the previous year and even the previous quarter. However, he declined to give specific figures.