Ayala Land's Avida Estates project in Nuvali
InterAksyon.com
The online news portal of TV5
MANILA - Ayala Land Inc may reduce capital spending next year as the property giant plans to go slow on its land banking initiative.
"We are launching a lot of projects in multiple forms - residential, commercial, retail, hotels. Naturally, the construction requirements will also accelerate in the future. The capex will not be the same level but it will still be high," said Jaime Ysmael, Ayala Land chief financial officer.
This year, the real estate firm has embarked on a record P37-billion capital expenditure program for the completion of ongoing developments, new project launches, and land bank acquisitions. It had planned the launch of 67 new projects nationwide worth P90 billion in 2012.
Ayala Land raised its capex further to P47 billion to partially fund its potential strategic alliance with the group of Ignacio Ortigas of OCLP Holdings Inc, the parent company of Ortigas and Company Limited Partnership.
Ayala Land has earmarked an initial investment of P15 billion for the strategic alliance, providing the listed real estate firm access to some 55 hectares of prime properties in Metro Manila.
"In terms of land acquisition budget, it will probably be less than this year because [the budget for] FTI is unusually high. We will still do some land banking but not at a level we did this year," said Ysmael, referring to the Food Terminal Inc property in Taguig.
In August, Ayala Land topped the bidding for the 74-hectare portion of the FTI property with a bid of P24.33 billion. It recently paid the initial P19.465 billion with the balance of P4 billion payable within 365 days from date of sale.
At-end June, Ayala Land had expanded its land bank to 5,865 hectares across the country. Of the total, 5,090 hectares is in sub-urban areas, while 775 hectares are in-city locations including Makati, Bonifacio Global City, Metro Cebu, Metro Davao, Bacolod, Iloilo and Cagayan de Oro.
"We have actually invested quite heavily this year. This will be an all-time high in terms of spending because of all the new land acquisitions including FTI. Our intent is to accelerate the development of all those land parcels that were recently acquired. We'll definitely ensure that we get the immediate returns possible," Ysmael said.
Ayala Land has spent 94 percent of its programmed capital expenditures for projects this year.
In the nine-month period ending September, it reported a 27 percent increase in its net income to P6.62 billion from P5.23 billion last year, on the back of the strong performance of its business units and margin improvements.
By 2014, the real estate firm eyes to have a net income of P10 billion and a return on equity of 15 percent. ROE measures the income that shareholders earn from their investment in a company.
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Source: http://www.interaksyon.com/article/47762/ayala-land-likely-to-set-lower-2013-capex
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