Property giant Ayala Land Inc. (ALI) will infuse more capital to its socialized housing unit, BellaVita Land Corp., to support the firm’s plan to further diversify nationwide.
A disclosure to the Philippine Stock Exchange showed on Monday that ALI’s board has approved the company’s plan to infuse of P1.7 billion in additional capital into Bella-Vita Land.
This capital infusion, according to the listed firm, is aimed at funding various land acquisitions in key growth centers in northern and southern Luzon, the Visayas and Mindanao.
This additional capital will also partly finance the development of socialized housing projects and fiesta market projects of BellaVita in 2014 and 2015, ALI further said in the disclosure.
During the nine-month period ended September, ALI’s profit grew by 30 percent to P8.6 billion, positioning the firm closer to its five-year target to hit P10 billion in net income by 2014.
ALI’s consolidated revenue also reached P57.7 billion, up 38 percent compared to the same period last year driven by the upbeat performance of all its key business lines.