ALI's Amaia Land to spend P3.7 billion over 5 years

MANILA, Philippines - Amaia Land Corp., the low-cost housing unit of property giant Ayala Land Inc. (ALI), has increased its capital spending to P3.7 billion over the next five years as it sees exponential growth in its segment amid a huge housing backlog.

In a briefing yesterday, Amaia Land president Ricky Celis said the company, which sells homes priced from P600,000 to P1.25 million, has infused an additional capital of P2.6 billion from the initial P1.08 billion to be used to beef up its landbank as well as develop residential projects from 2012 to 2016.

Celis said the company is rolling out a total of 50 projects in the next five years, equivalent to 100,000 units.

Amaia is aiming to become a leading player in the economic housing segment, which is seen catering to 33 percent of the 17 million households in the country.

At the same time, Celis announced that the company is venturing into condominium development through Amaia Steps and Amaia Skies to further serve the growing low-middle income market that is earning a combined household income of P30,000 to P60,000 a month.

Amaia Steps is a gated community of mid-rise buildings located at metro cities while Amaia Skies is a high-rise condominium development situated within commercial and business districts of the metropolis.

The first Amaia Steps will rise on a four-hectare lot in Novaliches, Quezon City, comprising 20 five-story buildings. The project, estimated to cost some P1.8 bilion, will offer a total of 2,060 units measuring 30 square meters each priced at around P1.2 million.

Amaia Land expects to generate P2.8 billion in revenues from Amaia Steps Novaliches.

For its initial project, Amaia Skies unveiled a three-tower 35-story development located on a one-hectare property in Cubao, Quezon City. The project will make available a total of 3,000 units to be sold at around P1.2 million to P2 million each.

Unit sizes range from 18 to 27 square meters each.

Amaia Land will spend P1.4 billion for Amaia Skies. The company expects to rake in P2 billion in revenues from the project.

Amaia’s first offering – Amaia Scapes has been well received by the public. These are located in Calamba, Laguna; Northpoint, Talisay, Cabanatuan and Gen. Trias, Cavite.

Celis said the company, which is poised to become the biggest brand in ALI’s residential portfolio in five years in terms of unit sales, revenues and profitability, expects to expand its presence in Central Luzon before the year ends.

He said the company is targeting to be in approximately 60 locations nationwide.

“We’re setting new standards in economic housing. Amaia Land creates new opportunities, empowering modest income earners to finally realize their dream homes. The affordable yet high-quality homes follow the ALI tradition of giving buyers their hard earned money’s worth,” Celis said.