MANILA, Philippines - Ayala Land Premier (ALP), a unit of Ayala Land Inc. that caters to the high-end segment of the market, expects to exceed last year’s sales revenues of P15 billion as demand for luxury condominium units remains strong, according to a top company official.
ALP head Jose Juan Jugo said the company is showing no signs of slowing down as it sees increased demand across all market segments.
For next year, the company is looking to launch four to five residential projects this year, Jugo said.
He declined to give details on the planned projects though.
The emerging middle class, expansion of multinational corporations in the Philippines, a growing business process outsourcing sector and steady foreign exchange inflows from overseas Filipino workers will continue to buoy the local property market.
In the nine months ending September this year, ALP registered revenues of P8.07 billion, up 10 percent from the same period in 2011 on strong sales of Elaro lots in Nuvali and Anvaya lots in Bataan.
Riding a rising property market, ALP has started pre-selling the first of a two-tower upscale residential project, Garden Towers. The company sold P2.1 billion worth of one to three-bedroom units, sky flats and villas at Garden Towers in just one day and expects to sell out all units in 15 to 18 months.
Garden Towers forms part of the redevelopment of the Ayala Center which is envisioned to be Makati’s epicenter of phenomenal growth. The first tower will bring to the market 340 new residential units with sizes ranging from 69 square meters to 395 square meters with indicative selling prices ranging from P10.3 million to P143 million each unit.
Slated for completion in the first quarter of 2019, tower 1 is expected to yield total sales revenues of P7 billion.
Garden Towers will have retail and dining establishments at the ground floor and basement parking interconnected with the Ayala Center parking system.
Jugo said the company would launch the second tower when the first tower is already 80 percent sold.
The launch of Garden Towers is part of ALI’s goal of developing and constantly refreshing its mixed-use developments to deliver the best value to customers and shareholders.
With the P20 billion redevelopment of Ayala Center and the launch of new Glorietta, residents will have a wider array of retail and dining choices available. These new establishments will also be enhanced with generous and lush open spaces through landscaped promenades and gardens such as Palm Promenade and Terraces Square.
ALI plans to enhance its position as the leading property developer in the Philippines by continuing to develop large-scale, mixed-use integrated communities while diversifying its revenue base across its wide portfolio of businesses.
The company will actively strengthen and slowly establish its presence in several identified growth centers across the country to effectively expand its footprint into new geographies. It will also introduce new formats within its existing business models to diversify its portfolio of highly differentiated product offerings and tap into previously unserved markets and consumer segments to broaden its reach.