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Ayala Land Inc., the biggest property company, has infused an additional P3.5 billion in capital into its affordable housing unit, Amaia Land Corp., to finance a five-year plan that aims to roll out some 100,000 residential units nationwide.
Ayala Land chief finance officer Jaime Ysmael said Amaia Land would use the additional capital to finance a planned expansion program from 2012 to 2016.
Amaia Land president Ricky Celis said the company would primarily use the new capital to acquire land for future development and construction of projects.
Celis said Amaia Land aims to launch 50 projects in 60 locations through its economic residential brands, namely Amaia Scapes, which are house and lot projects; Amaia Steps, a low-rise residential development; and Amaia Skies, a high-rise residential project.
"With these three brands, our portfolio is already complete and this enables us to serve and compete better in the market we are in," Celis said.
Amaia Land projects, which are priced between P600,000 and P1.2 million per unit, are geared toward the low-income market with salaries of between P30,000 and P60,000 a month.
Four Amaia Scapes projects are located in Calamba in Laguna, Talisay in Negros Occidental, Cabanatuan in Nueva Ecija, and General Trias in Cavite.
It has Amaia Steps on a four-hectare property in Novaliches, Quezon City, costing P1.8 billion. The project will contain 20 five-story residential towers that will offer 2,060 units. The average unit size is 30 square meters costing about P1.2 million.
Manila Standard Today
27 October 2011
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