Aboitiz Land allots P5B for capex this year
MANILA, Philippines - Aboitiz Land Corp., the property arm of the Aboitiz family, has earmarked P5 billion as capital expenditures this year to support mostly acquisition of more land.
Andoni Aboitiz, Aboitiz Land chief executive officer, said the company is currently in negotiations for additional property in Southern Luzon and is expecting to close one within the year.
“For us, Southern Tagalog area would make sense because there’s already Lima. So that’s where it makes sense for us,” Aboitiz said.
Aboitiz Land last year acquired full ownership of Lima Land Inc. after buying out Marubeni Corp.’s 40-percent stake in the Batangas-based company.
Lima Land is the owner and operator of the 485-hectare Lima Technology Center, a PEZA-registered industrial park in Lipa, Malvar in Batangas.
“We’re looking for areas suitable for residential development. But we’re not going to enter the high-rise segment. We’re going for the niche market. We’ll focus on the house and lot market,” Aboitiz said.
“Each area is unique. The plan is really to do house and lot and concentrate on the amenities,” he added.
Aboitiz said this year’s spending for Aboitiz Land is similar to the company’s budget in the past years.
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