Ayala Land gives budget housing unit BellaVita P1.7B in additional capital

The board of directors of Ayala Land Inc. gave the greenlight to a P1.7-billion additional capital infusion to wholly owned subsidiary BellaVita Land Corp. which is in the business of budget housing. 

 

The money will fund land acquisition in North and South Luzon, Visayas and Mindanao, the property-development arm of conglomerate Ayala Corp. noted in a disclosure to the Philippine Stock Exchange Monday.

 

“The additional capital will also partly finance the development of socialized housing projects and fiesta market projects of BellaVita in 2014 and 2015,” according to Ayala Land.

 

BellaVita posted revenues of P33 million in the first nine months of the year, up 352 percent from a year earlier, largely from coming from a project in Tayabas, Quezon.

 

BellaVita, which was launched in 2011, sells lot packages starting at P400,000 or a monthly amortization of P2,000 to P2,800 a month. – VS, GMA News