Ayala Land Inc. said Tuesday strong demand and heightened consumer activity drove net income last year to P24.5 billion, up 32 percent year-on-year.
The listed property arm of the Ayala Group said consolidated revenue increased by 18 percent to P148.9 billion. Property development revenue expanded by 14 percent to P92.3 billion, driven by steady bookings and higher completion of residential projects and offices for sale. Residential reservation sales grew by 9 percent year-on-year to P113.9 billion.
Ayala Land launched 14 projects in the fourth quarter of 2023 with a combined value of P39.6 billion. These include AyalaLand Premier’s first signature line project, Park Villas at the Makati CBD, and sequel phases of its existing gated community developments. These new projects brought Ayala Land’s total launches to 25 projects valued at P75.9 billion in 2023.
Leasing and hospitality revenue rose 25 percent year-on-year to P41.7 billion due to improved occupancy and rents. Shopping center revenue surged 31 percent to P21.1 billion, while office leasing grew 6 percent to P11.8 billion.
Hotel and resort revenues increased by 42 percent to P8.8 billion as higher travel and tourism demand pushed up occupancy and room rates. The company opened Ayala Malls One Ayala at the Makati CBD and the first phase of Ayala Malls Vermosa in Cavite, adding 49,000 square meters of retail space; Seda Manila Bay and the second tower of Seda Nuvali with 420 hotel rooms.
Service businesses composed mainly of construction, property management, and airlines registered a 36 percent growth to P11.5 billion. Makati Development Corporation’s net construction revenue from external projects scaled up by 56 percent to P6.6 billion.
“Ayala Land was well-positioned to take advantage of opportunities from an improving market in 2023, enabling us to meet our objectives for the year”, said ALI president and CEO Anna Ma. Margarita Bautista-Dy. “With our focus on quality, we look forward to bringing more high-value development products to market and embarking on the reinvention of our malls, hotels, and resorts for our customers to enjoy,” she added.
Ayala Land launched four new estates in 2023–the 55-hectare Batangas Technopark in Padre Garcia, Batangas; the 32-hectare Centrala at Angeles City, Pampanga; the 800-hectare Southmont in Silang, Cavite; and the 62-hectare Arillo at Nasugbu, Batangas.
