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Ayala Land Widens Product Lines, Launches New Unit (By Cris Larano, Dow Jones Newswires)

Property developer Ayala Land Inc. (ALI.PH) Thursday launched its new unit, Amaia Land Corp., that it expects will give it a foothold in the second largest but still under-served segment of the Philippines' mid-income residential property market.

Amaia President Leo Montenegro said the new company has started its first project, a 20-hectare development at Laguna, a province just south of Manila, that in four years is expected to generate PHP1.6 billion ($35 million) through the sale of around 1,800 small houses priced between PHP400,000 to PHP1.2 million.

Amaia is targeting the C segment, which accounts for 34% of the Philippine property market. The largest segment accounts for 60%, where housing costs are under PHP400,000.

He said the company has earmarked PHP1 billion to develop the Laguna property. Montenegro said in two years, Amaia will have six more locations in provinces near Manila.

Bobby Dy, head for the residential business group of Ayala Land, said the goal is to make Amaia the biggest brand contributor of the group in terms of both sales and profitability.

Despite the government's aggressive housing programs in recent years, the Philippines housing market still had an estimated backlog of 3.8 million house at the end of 2009. Dy said the backlog along with the dream of every Filipino family to have their own homes, Amaia is well positioned to become Ayala Land's biggest brand.

Amaia's price points qualify home buyers to affordable financing offered by the government. Montenegro said the goal of Amaia is to sell 400 units at the Laguna project this year.

He said early sales indicator suggest that number could be exceeded. Ayala Land had earlier projected stronger sales this year as the economy recovers. It expected sales to exceed 9,000 units this year, a record level.

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