AboitzLand allots P5.4-B in capex for 2014
MANILA, Philippines - The property unit of Aboitiz Equity Ventures is allocating P5.4 billion in capital expenditures this year, 35 percent higher than in 2013.
AboitizLand president and CEO Andoni Aboitiz said the company is looking to expand nationwide.
"We remain bullish on the property sector and want to enter the market nationally,” he said.
More than half of the capex will be used for residential development. The rest will be used for industrial and commercial projects.
AboitizLand is looking at expanding in Mindanao, with residential and industrial developments in Davao City.
Aboitiz said the company is now looking at undertaking residential and commercial projects in Mega Manila in the medium term.
"Our vision is not just to build, but to establish thriving communities where we are located," he said.
In Luzon, the company has acquired Lima Techonology Center in Batangas.
Also, AboitizLand, which teamed up with Ayala to bid for the Cavite-Laguna Expressway project, is looking at more public private partnership projects, particularly airports and toll roads.
At present, AboitizLand has 8 on-going residential projects in Cebu. Together with Ayala Land, it is also developing a new business district on a 15-hectare lot in Mandaue City.