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July 04, 2014

AboitizLand investing P5.4b in 2014 to expand nationwide

— AboitizLand, the property development arm of Aboitiz Equity Ventures, said it is investing P5.4 billion in 2014, up 35 percent from 2013, to support its nationwide expansion.

“We remain bullish on the property sector and want to enter the market nationally,” AboitizLand president and chief executive Andoni Aboitiz said in a statement.

The company said more than half of the 2014 capital expenditure was allocated for residential development while the rest would go to industrial and commercial projects.

It said apart from existing land bank in Cebu, the property firm was now looking at gaining a foothold in Mindanao through residential and industrial developments in Davao City.

AboitizLand is also looking at venturing into residential and commercial developments in Mega Manila in the medium term.

“Our vision is not just to build, but to establish thriving communities where we are located,” said Aboitiz.

AboitizLand currently has eight ongoing residential projects in Cebu, consisting of vertical and horizontal developments.  It recently opened phase two of Pristina North Residences in its integrated community Pristina North.

The company, in a joint venture with Ayala Land, is also developing a new business district on a 15-hectare lot in Mandaue City, which will be launched in 2015.

AboitizLand acquired a 60-percent stake in economic zone operator Lima Land Inc. from Alcantara-led Alsons Land Corp. for P1.36 billion last year. It also purchased the remaining 40 percent in interest in Lima Land owned by the Marubeni Corp. in February.

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