Top Philippine Homebuilder Ayala Land Targets the Rich as High Rates Hammer Middle Class [BNN Bloomberg (Canada)]
AYALA CORP UNSP/ADR (AYALY)
NASDAQ:AMEX Investor Relations:
ayala.com.ph/investors/investor-relations
Company Research
Source: BNN Bloomberg
Chief Executive Officer Anna Ma. Margarita Bautista-Dy said that banking on richer clients — instead of its main middle income market — could help double the company's profits in five years. “The way we see it, the opportunity is in our premium segment, and we're capitalizing on that,” she told Bloomberg News in an interview on Thursday. About 80% to 90% of new residential projects that Ayala Land plans to offer this year cater to high-end buyers who usually pay in full, she said. At the same time, the company is tempering launches for the middle income market where 90% of its customers seek mortgages to buy property. Ayala Land, known for developing a business district considered Manila's Wall Street, began selling its priciest high-rise apartments in December. Since then, it's sold about a fifth of its supply of 45 units across 45 floors, priced at $9 million each. Dy said that a $10 million unit in the future is “not impossible.” These premium projects are targeted at cust
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