Ayala Land also reports 33% jump in 9-month profit to P5.2B
MANILA, Philippines (UPDATE) - South Maya Ventures, the socialized housing arm of Ayala Land Inc., launched on Wednesday its first affordable housing project in General Trias, Cavite.
Under the BellaVita brand, house and lot packages are being offered for as low as P400,000, or an average monthly amortization of P2,500 to P2,800. There will be 1,378 units available in the 21-hectare property.
Ayala Land president Antonino T. Aquino said the project is mainly targeted at minimum wage earners and small entrepreneurs with a monthly salary between P10,000 to P25,000.
"We are venturing into largest component of the residential market that most developers should go to. This is a segment that deserves the right quality of product," Aquino said.
South Maya Ventures is looking at launching more socialized housing projects in 2012. Sites for possible BellaVita projects in the future include Pampanga and Nueva Ecija.
"We expect this type of development to generate operating income for the company, which will enable us to keep this product going. We plan to grow this product as fast as four other housing brands," Aquino said.
In the next 10 years, Aquino expects the BellaVita brand will be the largest among the Ayala Land brands. Other brands are Ayala Land Premier, Alveo Land Inc., Avida Land and Amaia Land.
BellaVita Phase 1 will have 602 housing units with sizes from 21 to 56 square meters. The production cost for Phase 1 is estimated at P300 milion.
Aside from the residential area, BellaVita will also have a commercial area, as well as basketball courts, pocket parks, central park, common parking, clubhouse and guarded entrance and exits.
Ayala Land's strong residential sales
Meanwhile, Ayala Land reported a net income of P5.23 billion for the January to September period this year, 33% higher than the P3.94 billion in the same period last year, on the back of strong residential sales.
Ayala Land's consolidated revenues from January to September stood at P32.63 billion, a 17% jump from P27.87 billion posted during the same period in 2010. Revenues from real estate and hotels, which comprised the bulk of consolidated revenues, also rose 18% to P30.81 billion, propelled by growth in property development and commercial leasing businesses.
“We continue to reap the fruits of our strategies and remain on track towards achieving our goals for the year,” said Jaime E. Ysmael, Ayala Land chief finance officer, in a statement on Wednesday.
“Revenue growth is strong and margin improvements are steady. The average monthly sales take-up for residential launches has breached P4 billion and improvements in our commercial leasing operations have been sustained. With more launches coming up in this last quarter, we continue to be very optimistic towards the outcome at the end of the year," Ysmael added.