THE Philippines’ biggest real-estate developer announced Wednesday that cancellations increased last year amid the global financial crunch.
Despite the uptick, Ayala Land Inc. (ALI) said it plans to spend P7.02 billion for a redevelopment plan of its commercial center in the country’s premier financial district.
Jaime Ayala, outgoing ALI president, said cancellations last year had experienced “an increase, particularly in the high-end market.”
“What we are seeing is that the residential sector has been [hit] by the global crisis. [A] lot of people had been affected by the uncertainty in the market. We are now focusing on how people should buy, so we are seeing an increase in sales in affordable products,” Ayala said.
Ma. Victorian Añonuevo, ALI mall group head, said the company is also eyeing to build additional office space and one four-star businessman’s hotel.
“[There is a] lot of planning put in place [to tap] the resurgence of the market in time,” Antonio Aquino, in-coming ALI president said.
Besides the expansion in Makati City, the property firm said it remains interested in the 120-hectare state-owned Food Terminal Inc. (FTI) property in Taguig City.
Finance Undersecretary Crisanta Legazpi had said the Ayala group’s property unit is among the several private companies that showed interest in FTI.
The government property is scheduled for the auction block in the first half this year.
Based on its unaudited financial statements, ALI’s net income rose 10 percent year-on-year to P4.4 billion.
Its fourth quarter earnings, however, dropped by almost a fourth to P957 million from the P1.266 billion registered during the same period in 2007.
Jaime Ysmael, ALI chief finance officer, earlier said the company reduced its capital expenditures by 8 percent to P17.4 billion from last year’s spending program as consumer demand is expected to ease amid a global slowdown.
Ysmael said the bulk of ALI’s capital spending will be used to finance the completion of ongoing projects, with nearly half of that to be spent on residential development. –Chino S. Leyco, Reporter, Manila Times
September 18 –
International Equal Pay Day
“Increase wages now,
more than other cost items.
For widespread, practical equality!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the recommendations of the 2021 ILO Commission of Inquiry
against serious violations of protocols of
Forced Labour and Freedom of Association.
Accept the National Unity Government (NUG)
of Myanmar. Reject Military!
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September –
5 Sept – Intl Day of Charity
7 Sept – Intl Day of Clean Air for Blue Skies
8 Sept – International Literacy Day
12 Sept – United Nations Day for South-South Cooperation
15 Sept – International Day of Democracy
16 Sept – International Day for the Preservation of the Ozone Layer
17 Sept – World Patient Safety Day
18 Sept – International Equal Pay Day
21 Sept – International Day of Peace
26 Sept – International Day for the Total Elimination of Nuclear Weapons
27 Sept – World Tourism Day
28 Sept – International Day for Universal Access to Information
29 Sept – International Day of Awareness of Food Loss and Waste
30 Sept – World Maritime Day
Monthly Observances:
Health, Safety and Sanitation Month
National Clean-up Month
Civil Service Month
National Peace Consciousness Month
Social Security Month
Rule of Law Month
National Teachers’ Month (Sept 5-Oct 4)
Weekly Observances:
Sept 17 – 23:
World Clean and Green Week
Week 2: Education Week
Week 4: Medicine Week
Last Week: National Family Week
Daily Observances:
Third Saturday:
International Coastal Clean-up Day
Third Monday: World Health Day
Last Friday: National Maritime Day
Sept 8: National Literacy Day
Sept 15: Philippine Medicine Day
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