ALI infuses add’l P1.7 B into socialized housing unit

MANILA, Philippines - Property giant Ayala Land Inc. (ALI) is infusing another P1.7 billion to gear up its socialized housing unit that is geared up for expansion in various parts of the country.

In a disclosure, ALI said its board of directors approved the “additional capital infusion of P1.7 billion into BellaVita Land Corp. to fund various land acquisitions in key growth centers in North Luzon, South Luzon, Visayas and Mindanao.”

Pamela T. Perez, ALI’s investor communications and compliance head, said they have previously infused P1.9 billion into BellaVita.

“This additional capital will also partly finance the development of socialized housing projects and fiesta market projects of BellaVita in 2014 and 2015,” she said.

The property firm has been contributing fresh funds to its subsidiaries. In August, ALI completed its P5.4-billion capital infusion into affordable housing unit Avida Land which is pursuing various land acquisitions in key growth areas.

ALI is operating under five major brands – Ayala Land Premier for the upscale segment, Alveo Land for the upper and middle-income sector, Avida Land, Amaia Land for economic housing, and BellaVita.

With the sustained boom in the property sector, ALI will continue its heavy spending next year, a top company official added.

“ALI will continue to spend on their projects,” said Delfin C. Gonzalez Jr., chief finance officer of parent firm Ayala Corp. (AC).

Gonzales said top spenders for AC next year will likely be ALI’s project developments and the power business. As of end-September, the conglomerate has invested nearly P76 billion of its P135.8-billion capital expenditure program allotted for the entire year.