Ayala stokes Philippines’ building boom

Seda hotel
Ayala Land’s new Seda Bonifacio Global City hotel in Manila

Philippines-based Ayala Land, the real estate arm of the Ayala Corporation conglomerate, has announced the opening of four new retail venues amid a greater thrust in its hotel construction ventures.

By end-2013, Ayala Land will cut the ribbons of shopping complexes and retail developments worth $172 million, Maria Rowena M. Tomeldan, Ayala Land vice-president, said in an interview with BusinessWorld.

The developments include The District at North Point in Talisay, Negros Occidental, Visayas; an alfresco restaurant street at the University of the Philippines Town Center, Quezon City; Fairview Terraces in Fairview, Quezon City; and a community center in Molino, Dasmariñas, Cavite, Luzon.

Four retail developments were opened by Ayala Land last year: Centrio Mall in Cagayan de Oro City, Mindanao; Harbour Point in the Subic Bay Freeport Zone; and the redeveloped Glorietta malls and San Antonio Plaza Arcade in Makati City, a segment which contributes to one-third of the company’s revenues.

Ayala Land posted $162 million in net income the first 9 months of 2012, a 27 per cent rise year-on-year.

The company also recently launched its first hotel in its series of Seda hotels in Fort Bonifacio, Metro Manila.

Seda Centrio in Cagayan De Oro City is also now operational and Seda Abreeza in Davao is scheduled to open within the first quarter of 2013. A fourth Seda property in Nuvali in Santa Rosa, Laguna will be completed by the last quarter of 2013.

In total, Ayala Land said it has earmarked $1.6 billion for capital expenditures this year.