Condominium projects no longer in the pipeline
Aboitiz Land, Inc. has set aside P3.7 billion for various projects this year in line with its thrust to become a major national player in property development.
Andoni Aboitiz, Aboitiz Land president and chief executive officer, said they will continue to increase their Cebu presence.
But the company will focus on house-and-lot projects as well as commercial and mixed-use developments.
Aboitiz said they will no longer develop condominium projects because “the competition has become too stiff in Cebu.” The company’s lone condominium project, Persimmon, offers 800 units.
“We’d like to continue to expand our Cebu projects with Cebu being our main market for now,” Aboitiz said during a briefing yesterday on the company’s first-quarter results.
Aboitiz Land will continue the development of Priveya Hills, Pristina North and Alveya.
Aboitiz said they will soon launch the 15-hectare joint venture project with Ayala Land, Inc. in Mandaue (City).
A 50-hectare masterplanned residential project in Compostela will be launched later this year and will be developed in eight phases. It will offer about 2,000 house-and-lot units for the middle-income segment.
Aboitiz Land is also set to launch the expansion of The Outlets this year as well as the development of Lima Land to build the company’s industrial portfolio.
Aboitiz said Lima Land now has a total of 600 hectares while The Outlets in Mactan has a total of 6,000-square meters.
“On the national scale, the company plans to enter the Luzon market. We are doing landbanking now in both north and south parts of Luzon,” he said.
Aboitiz Land has developed over 3,000 residential units in the last 20 years.
The company reported a 34-percent decline in its net income contribution to P80.3 million from P121.1 million in the first quarter of this year.
Total revenue went down 13 percent, having sold Lima Utilities to Aboitiz Power last year.
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