Ayala Land, named the Philippines' best real estate developer, highlighted its innovation at the forefront of the Philippine real estate industry.
With a footprint of 52 estates cross the Philippines, Ayala Land covers developing residential, office, hotel and property management. The recovery of its core businesses drove net income to grow 32% to P24.51 billion ($0.4 billion) last year, and real estate revenues reached P140.14 billion, a 20% increase over the year.
Although industry vacancy rates remained high at 20%, Ayala Land’s office leasing revenues grew 6% as it benefitted from the market’s flight to quality, achieving an average occupancy of 92%. Meanwhile, Ayala Land launched two new two office towers totaling 82,000 sqm of gross leasable area (GLA) in its Vertis North development in Quezon City.
Hotels, resorts and malls are the main driving factors of Ayala Land, and it aims for quality of services in their renovations. Hotel revenues witnessed a remarkable 42% growth to P8.8 billion over the past year, and mall revenues surged by 31% to P21.1 billion.
Ayala Land rolled out four estates: the 55-hectare Batangas Technopark at Padre Garcia; the 32-hectare Centrala at Angeles City, Pampanga; the 789-hectare Southmont at Silang, Cavite; and the 62-hectare Arillo at Nasugbu, Batangas.
To meet its commitment to achieving net-zero emissions by 2050, in 2023 Ayala Land shifted more than 111 commercial properties to renewable energy or power, and repurposed 359 tons of plastic into construction materials, board-ups, and pallets for cold storage.