BUSINESS Ayala Land set to launch P110-b projects

By Jenniffer B. Austria

PROPERTY developer Ayala Land Inc. said Tuesday it will launch P110 billion worth of projects in 2023, up 20.3 percent from P91.4 billion it started in 2022, as real estate demand continued to be resilient despite the high interest-rate environment.

ALI president and chief executive Bernard Vincent Dy said in a briefing the group was prepared to upsize the launches to P130 billion, “if the market comes in stronger than anticipated.”

Dy said the company also earmarked P85 billion in capital ex-

In Brief

penditures for 2023, up 14 percent from the P72.4-billion actual spending last year.

“Despite ongoing challenges in the operating environment, we remain positive in our outlook for 2023 and look forward to introducing new offerings that will meet the evolving needs of the market,” Dy said.

ALI said net income climbed 52 percent in 2022 to P18.6 billion from P12.2 billion in 2021 on the back of the strong recovery of residential and leasing businesses.

Consolidated revenues grew 19 percent to P126.2 billion from P106.1 billion.

Revenues from property development climbed 7 percent to P81.2 billion, boosted by strong fourthquarter sales which rose 24 percent to P27.6 billion.

Reservation sales in 2022 rose 14 percent to P104.9 billion on strong demand from local and overseas Filipinos.

Office-for-sale revenues went down by 16 percent in 2022 to P3.2 billion with the completion of Alveo’s Park Triangle Tower at BGC and the moderate take-up on remaining limited inventory.

Sales from commercial leasing business rebounded by 62 percent year-on-year to P33.4 billion, with normalized mall rents and foot traffic, the contribution of new office spaces and higher hotel room rates.

Revenues from shopping centers and hotels doubled to P16.1 billion and P6.2 billion, respectively fol- lowing the resurgence in foot traffic and mobility.

Revenues from office leasing improved by 13 percent to P11.1 billion, with the added contribution from One Ayala East and West Towers.

“We are encouraged by our solid performance in 2022, driven by the full reopening of the Philippine economy and the support of our customers,” Dy said.

ALI launched two new estates in 2022, including the 92-hectare Areza in Lipa City, Batangas and 83-hectare Crossroads in Plaridel, Bulacan.

LRT

Cavite Phase 1 seen opening by Q4 of 2024

LIGHT Rail Manila Corp. said Tuesday it expects the first phase of LRT Line 1 Cavite Extension project to start operations by the fourth quarter of 2024.

LRMC spokesperson Jacqueline Gorospe said the overall progress rate of the project reached 80 percent as of end-June 2023. Gorospe said the company was targeting to start operations of the LRT Cavite Phase 1 by fourth quarter of 2024.

Phase 1 covers 7 kilometers of the 11km. LRT-1 Cavite Extension, including the Redemptorist Station, MIA Station, Asiaworld Station, Ninoy Aquino Station and Dr. Santos Station.

The remaining stations between Las Piñas and Niog are scheduled to become fully-operational by 2027.

The 11.7-kilometer, 8-station LRT-1 Cavite Extension Project will connect Baclaran in Parañaque City to Bacoor, Cavite. Darwin G. Amojelar

A Brown, GET PH form green transport venture

A BROWN Company, Inc. said Tuesday it teamed up with GET Philippines Inc. to venture into green mass transport system in Cagayan de Oro City.

ABCI said in a disclosure to the stock exchange the parties would form a joint venture company to operate and manage the ABC Electric Shuttle Service as a clean, efficient, modern and green mass transport system.

The joint venture company will own 10 community-managed electric vehicles that will be used for the project.

ABCI said the partners would also offer the COMET electric vehicles as an effective marketing tool and platform for media and transit advertising for third parties. The joint venture company will have an authorized capital stock of P45 million, equivalent to 45 million common shares. Jenniffer B. Austria

BOI, Cavite strengthen investment cooperation

THE Board of Investments and the provincial government signed a memorandum of agreement to facilitate the entry of P9.5 billion worth of pipeline projects and make it easier for investors to do business in the country.

“With this strengthened partnership, the province becomes more attractive to both foreign and local investors,” said Trade Undersecretary and BOI managing head Ceferino Rodolfo.

He said Cavite is one of the most progressive provinces in the country evidenced by more businesses locating in the area, in addition to its upward ranking in the 2022 Cities and Municipalities

Competitive Index.

Under the partnership, the Cavite provincial government will provide updated and relevant information to the BOI such as investment profiles, priority areas and other opportunities. It will also establish a green lane for BOI-registered firms to fast-track the processing of projects.

The BOI will provide Cavite with technical support on investment-related matters such as consultations and workshops and link up the province with potential local and foreign investors.

Othel V. Campos

CONSTRUCTION MILESTONE. Manila Water Company Inc.’s Aglipay Sewage Treatment Plant project team together with its contractor, the consortium of Megawide Construction Corp. and Suez International, and their 300 workers celebrate onsite the milestone of achieving 1 million safe man-hours without lost time incident. The P4.18-billion Aglipay STP in Barangay Old Zaniga is part of the Mandaluyong West Sewerage System project. It will have a treatment capacity of 60 million liters per day, expandable to 120 MLD of wastewater to be collected from 2,115 hectares of catchment area spanning across Mandaluyong, San Juan and Quezon City.