Property giant Ayala Land Inc. (ALI) posted a 38 percent hike in total net income to P18.4 billion in the first nine months of the year as consolidated revenues improved 15 percent to P98.9 billion year-on-year.

In a disclosure to the Philippine Stock Exchange (PSE), the firm said it maintained a strong growth trend in the first nine months of 2023, driven by the continuing resilience of the residential market and vibrant consumer activity despite ongoing macroeconomic challenges.

“The strong performance of our various business lines in the first nine months of 2023 is a testament to the continuing resilience of the residential market and vibrant consumer activity despite ongoing macroeconomic challenges," said ALI President and CEO Anna Ma. Margarita Bautista-Dy. 

She noted that, “this positive trend, guided by our new focus on quality, people, sustainability, and growth, will enable us to strengthen our diversified portfolio and further enhance earnings.”

"We will continue to focus on high-value market opportunities and meeting our operating targets to sustain our momentum for the year," Dy added.

ALI grew its property development revenues by four percent to P57.2 billion from higher residential completion, stable bookings, and office unit sales.

Residential revenues increased by four percent to P47.5 billion, while office-for-sale revenues registered a 31 percent growth from last year to P2.8 billion.

Meanwhile, revenues from commercial and industrial lots dipped eight percent to P6.9 billion.

Residential sales reservations in the first nine months increased by 11 percent year-on-year to P85.9 billion. Third-quarter sales reached P27.6 billion, adding to the P58.3 billion sales generated in the first half. 

The in-demand projects during the period were Alveo’s Park East Place in BGC, AyalaLand Premier’s (ALP) Ciela in Carmona, Cavite, Arcilo in Nuvali, Laguna, and Parklinks South Tower in Quezon City, and Avida Towers Makati Southpoint.

Ayala Land launched five new projects in the in the third quarter with a combined value of P4.4 billion. These developments bring Ayala Land’s total launches to 11 projects valued at P36.3 billion.

Commercial leasing revenues were 32 percent higher year-on-year to P30.8 billion due to improving occupancy and rents. 

Shopping center revenues reached P15.7 billion, 40 percent better than a year ago, on account of higher occupancy and rents due to healthy operations. 

Office leasing revenues grew seven percent to P8.8 billion due to stable occupancy and higher rents from its solid BPO and corporate tenant base. 

Meanwhile, hotel and resort revenues significantly jumped by 62 percent from last year to P6.3 billion due to higher domestic business travel and local tourist activity, which pushed up occupancy and room rates.

Ayala Land launched the 789-hectare Southmont Estate in Silang Cavite last September, bringing its total count to 50 estates nationwide. 

Southmont is positioned as an “Elevated Modern Suburb” with direct access to the Cavite-Laguna Expressway or CALAX through the Silang East Interchange. 

It will also host a three-hectare sports club, and Chang Kai Shek College. The estate will have an initial development cost of P12 billion.

Capital expenditures reached P57.6 billion, wherein 54 percent was spent on residential projects, 9 percent on commercial projects, 18 percent on land acquisition, 17 percent on estate development, and two percent for other purposes.