MANILA -- Property developer Ayala Land Inc. on Monday said it infused some P1.7 billion into its low-cost housing unit Bella Vita Land Corp. to fund its acquisition of land.
The company said in a statement that this move would allow Bella Vita to acquire land in key growth areas in Northern and Southern Luzon, the Visayas and Mindanao.
“This additional capital would also partly finance the development of socialized housing projects and fiesta market projects of Bella Vita in 2014 and 2015,” Ayala Land said.
The company has been infusing funds into its units to strengthen its leadership in the communities that it develops.
Ayala Land recently raised P6 billion in seven- and 20-year bonds, the proceeds of which were infused into Avida Land Corp. and Amaia Land Corp.
In July Ayala Land raised P15 billion worth of 10.6-year bonds. The proceeds would primarily fund several of its townships nationwide and acquire several pieces property to improve its land bank.
The company reported P8.6-billion net income for the first nine months of the year, a 30-percent increase from last year’s P6.63 billion.
The company, the country’s second-largest property developer, next to the combined SM Group, has a capital expenditure target of about P65.5 billion for the year.
So far, the company has spent some P36.6 billion of its capital expenditure for the year as Ayala Land is expected to launch more projects before the end of the year.