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Ayala to sell 400 hectares of land!
Ayala Land Inc., the country's largest property developer, plans to dispose 400 hectares of its 4,100 ha landbank in the next few years, according to ALI president and chief executive officer Jaime Ayala.
Ayala told reporters following the company's annual stockholders meeting yesterday that the disposition of the properties was in line with the company's overall plan to strategize growth.
The company last year formed a unit called Strategic Landbank Management, which is engaged in planning and development of large integrated, mixed-use communities and in improving land for value appreciation.
The group is also in charge of identifying properties that will be kept for future development and which could be disposed through asset swaps or sale.
"We have valuable assets that is why we are going to split our strategic landbank to decide which to keep and which to sell to interested parties," Ayala said.
Ayala said the company has been disposing some of its assets in the past years, including its shareholdings in MRT Holdings, which generated over P2 billion in net proceeds.
Most of the company's large-scale landholdings are in Makati (54 hectares), Fort Bonifacio Global City (44 hectares) and Canlubang (1,696 hectares).
Meanwhile, ALI chief financial officer Jaime Ysmael said the company is setting aside P16 billion in capital expenditure this year, more than double the P6.8 billion capital outlay spent in 2005.
Bulk of the capital outlay will be allocated for the construction of residential projects while P5 billion will be set aside for the construction of additional shopping centers. The remaining capital would be set aside for establishment of buildings for office and business process outsourcing companies.
Shopping centers currently in the pipeline are the Tri Noma, a project located in the North Triangle area in Quezon City that will open in 2008; Greenbelt 5, which will have 31,250 square meters of leasable area; the retail portion of the Serendra in Fort Bonifacio Global City ; and the expansion of Ayala Center in Cebu.
Written by Ms. Jenniffer B. Austria
for Manila Standard Today ( April 6, 2006 )
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