Ayala Land earmarks P65B to redevelop Makati City

Ayala Land Inc. on Thursday bared plans to spend P65 billion in the five years from 2014 to redevelop Makati City, branding the premier business and financial district its "crown jewel." 

 

The figure is on top of a P60-billion investment over a six-year period the Ayala-led property company committed to further develop mixed-use nodes in Makati starting 2012.

 

Ayala Land is adding 800,000 square meters of retail space, five new hotels and 3,700 residential units to the city, vice president Meean Dy told reporters in a briefing Thursday.

 

"What we established then was that Makati will always remain our top priority, our crown jewel, our largest source of value, our most important asset," she said.

 

Makati contributes the largest chuck of Ayala Land's net income, reaching about 30 percent of the total, president and CEO Bernard Vincent Dy said in the same briefing.

 

Bonifacio Global City in Taguig City and Nubali in Sta. Rosa, Laguna are the second and third largest contributors. All three accounted for 65 percent of total income.

 

In the first half of 2014, net income rose 25 percent to P7.1 billion from P5.6 billion a year earlier while revenues jumped by 26 percent to P46.2 billion from P36.6 billion. – VS, GMA News