Home » ALI, Araneta to invest P20B in Bulacan asset expansion

ALI, Araneta to invest P20B in Bulacan asset expansion

Altaraza Development Corp., a joint venture between Ayala Land Inc. (ALI) and the Araneta Group, is investing an additional P20 billion to develop and expand the company’s estate in San Jose Del Monte in Bulacan.

The company said it will add some 600 hectares of prime land to the existing Altaraza estate.

“This expansion will provide a complete and diverse range of offerings with additional residential products to cater to new market segments, as well as more commercial developments and leisure components,” Ayala Land said in a statement.

The overall vision for the expanded Altaraza development is to become the newest growth center in the Metro North that champions integration of diverse land uses with the thrust to preserve and enhance Bulacan’s rich ecological ecosystem for an enriched and progressive lifestyle, it said.

Altaraza, a fully integrated 40-hectare mixed-use estate launched by Ayala Land in 2014, currently hosts two residential communities from Avida and Amaia, a prime commercial district, Waltermart Altaraza, QualiMed hospital and schools including the STI Academic Center and Colegio de San Agustin San Jose Del Monte.

With the ongoing buildup of locators in the estate, as well as proximity to Metro Manila and the various government infrastructure projects heading towards the North with MRT-7 and the New Manila International Airport, the development is expected to attract more investments to Central Luzon.

Because of Altaraza’s strategic location and growing community in a span of eight years, prices of residential units have appreciated, recording a 7 to 10 percent compounded annual growth rate, while the value of commercial lots have grown by 200 percent, Ayala Land said.

ALI reported last November 8 that its attributable income in January to September went up by more than 50 percent to P13.34 billion from last year’s P8.58 billion as business and consumer activity accelerated.

Consolidated revenues for the period grew 19 percent to P86.31 billion from the previous year’s P72.6 billion.

For the third quarter alone, the company posted a net income of P5.26 billion, double than last year’s P2.54 billion, while consolidated revenues reached P32.97 billion, 39 percent more than the previous P23.64 billion.

“The acceleration in business and consumer activity during the period enabled us to generate significant earnings growth,” Ayala Land President and CEO Bernard Vincent O. Dy said.

“The demand for our residential products remained resilient and local consumption continues to be robust despite geopolitical and macroeconomic challenges. We believe the strength of our local market will provide the backbone to sustain the growth of our diversified real estate portfolio for the rest of the year.”

Source: https://businessmirror.com.ph/2022/11/22/ali-araneta-to-invest-%E2%82%A720bin-bulacan-asset-expansion/

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