PROPERTY giant Ayala Land Inc. (ALI) reported on Monday that its net income for the first nine months of the year increased 19 percent to P12.8 billion on the strong performance of its property development, commercial leasing and services businesses
It said consolidated revenues reached P70.2 billion, with revenue from real estate amounting to P70.2 billion.
Revenue from property development, which included the sale of residential lots and units, office space, as well as commercial and industrial lots, increased by 9 percent to P46.9 billion from P43.2 billion registered in the same period last year.
Commercial leasing, which covers the operation of shopping centers, offices, and hotels and resorts, generated revenue of P17.2 billion, up 12 percent from P15.4 billion posted in the corresponding period last year.
Capital expenditure has so far reached P60.3 billion, with P97.9 billion worth of projects in both residential and leasing launched in the period.
Revenue from residential and office sale segments grew 10 percent year-on-year to P40 billion, driven by sustained bookings and project completion across all residential brands.
Ayala Land Premier, the company’s luxury brand, posted a 6 percent increase in revenues to P15.7 billion, driven by sales from projects such as The Courtyards at Vermosa, Cavite and high-end residential building projects Two Roxas Triangle and Garden Tower 2 at Ayala Center in Makati; The Suites and East Gallery Place at Bonifacio Global City in Taguig, and Park Point Residences in Cebu.
Revenue from its Alveo brand climbed 43 percent to P10.1 billion from the P7.0 billion recorded in the same period of last year.
“The increased bookings of Avida Settings Alviera and Avida Tower One Union Place 1 and 2 at Arca South, combined with the higher contribution of Vita Towers at Vertis North, Verte Tower 1 and The Montane at Bonifacio Global City, contributed to the increase in revenues of Avida while Amaia’s major contributors are Steps Nuvali, Steps Altaraza, San Jose Del Monte Bulacan and Scapes General Trias, Cavite,” said ALI.
Meanwhile, the Bellavita brand more than tripled its revenue to P272 million from P76 million in the same period of last year. ALI said this was due to the higher contribution of projects located in General Trias in Cavite, Alaminos in Laguna, Tayabas in Quezon, Porac in Pampanga and Cabanatuan City in Nueva Ecija.
ALI said total residential sales for the first nine months amounted to P82.9 billion.
For the commercial leasing segment, revenue from shopping centers rose 12 percent year-on-year to P9.2 billion “due to the increasing contributions of Fairview Terraces and UP Town Center, as well as the higher occupancy and average rental rates of existing malls.”
Revenue for office leasing grew 18 percent year-on-year to P3.7 billion, boosted by the contribution of new offices and the higher occupancy and average rental rates of existing offices.
For its hotel and resorts segment, revenue increased by 7 percent year-on-year to P4.3 billion due to the improved revenue per available room (REVPAR) performance of the company’s internationally branded hotels, such as the Seda hotels, and the El Nido Resorts.
The average occupancy rate of hotels stood at 74 percent, while resorts registered an occupancy rate of 58 percent during the period.