MANILA - Ayala Land Inc. has earmarked P88 billion in capital expenditures this year and is set to launch three mixed-use developments.
The property giant is launching a 35-hectare property spanning Quezon City and Pasig City in a joint venture with the LT Group of Lucio Tan, the 250-hectare Evo City in Kawit Cavite, and the 25-hectare Azuela Cove in Davao City in a joint venture with the Alcantara group.
According to Ayala Land president Bernard Vincent O. Dy, the three new projects will add to the company's existing 20 township developments all over the Philippines.
Dy expressed optimism on the sustained growth of the property sector saying that the economy remains robust as interest rates remain low, remittances continue to grow, the business process outsourcing industry remains strong, and the tourism sector also continues to expand.
Ayala Land said it intends to roll out more residential, hotels, office and retail projects and has set aside P88 billion for capital expenditures.