Ayala group’s property business logs P4.5B net income
Despite the prevailing higher interest-rate environment, residential demand remained resilient, resulting in P27.7 billion in gross reservation sales, representing a 15 percent increase compared to last year.
Property development revenues increased by eight to P17.1 billion, driven by higher residential completions, bookings, and the sale of office units.
Residential revenues reached P14.2 billion, up 10 percent while office-for-sale revenues logged a 43 percent growth. In commercial leasing, revenues surged by 57 percent to P10.1 billion from higher occupancy and rental rates, buoyed by improving mall tenant sales, steady business process management demand, and a resurgence in travel.
The improvement in mall tenant sales lifted occupancy and rents, which led to a 71 percent growth in shopping center revenues totaling P5 billion.
Moreover, the stable demand for office spaces in prime locations supported higher tenancy and rents resulting in office revenues growing by eight percent to P2.9 billion.
Notably, hotel and resort revenues expanded by 164 percent to P2.2 billion as occupancy and room rates rose due to the increase in local and foreign travelers. (PR)