MANILA, Philippines — Altaraza Development Corp. (ADC), a joint venture between Ayala Land Inc. (ALI) and the Araneta Group, is investing P20 billion to expand the existing estate in San Jose del Monte, Bulacan.
The P20 billion will be used to develop and infuse 600 hectares of prime land to add to the existing estate.
The other offerings include residential products, which will cater to new market segments, as well as more commercial developments and leisure components.
The overall vision for the expanded Altaraza development is to become the newest growth center in the Metro North through diverse land use with the thrust to enhance Bulacan’s ecosystem for an enriched and progressive lifestyle.
Altaraza is a fully integrated 40-hectare mixed-use estate launched by ALI in 2014.
At present, it 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 (CSA) San Jose del Monte.
Last week, ALI broke ground on its 92-hectare property in Lipa, Batangas as part of its expansion in Southern Luzon.
“We hope to continue our legacy of building master planned sustainable estates that uplift and enrich lives for more Filipinos and reinforces our commitment to nation building,” said ALI president and CEO Bernard Vincent Dy.
The Altaraza development is expected to attract more investments to Central Luzon especially with the ongoing buildup of locators in the estate and its location.
The estate is in close proximity to Metro Manila and the various government infrastructure projects heading toward the North such as MRT-7 and the New Manila International Airport being developed by San Miguel Corp.
Because of Altaraza’s strategic location and growing community in a span of eight years, prices of residential units have appreciated, recording a seven to 10 percent compounded annual growth rate, while the value of commercial lots have grown by 200 percent.
ALI has 48 estates including the recently launched 92-hectare Areza estate in Batangas.
The company reported a net income of P13.3 billion from January to September, 55 percent higher than last year.
This was on the back of consolidated revenues of P86.3 billion, up by 19 percent.
In the third quarter alone, the company posted a net income of P5.3 billion, 107 percent higher year-on-year, while consolidated revenues rose 39 percent to P3 billion from a year ago.