TWENTY-YEAR-OLD homegrown developer AboitizLand Inc. is slated to launch three residential projects in Luzon by the fourth quarter of this year.
Joey Zamora, AboitizLand assistant vice president for marketing, told reporters the horizontal housing projects will be located all outside Metro Manila.
AboitizLand began its Luzon expansion with the acquisition of Lima Land in 2014. In a Philippine Stock Exchange (PSE) disclosure, it stated that it acquired full ownership of Lima Land Inc. (LLI) after buying out Marubeni Corp.’s 40 percent stake in the Batangas-based company.
The deal involved “the purchase of 360 million common shares in Lima Land, bringing AboitizLand’s total ownership to 100 percent.” LLI is the developer of the 485-hectare Lima Technology Center, a PEZA-registered economic zone in the Lipa-Malvar area of Batangas.
For local expansion, Zamora said the company will be launching two more projects in the last quarter of the year. One will be in the north of Cebu, while the other will be in the west.
At present, AboitizLand has 11 housing projects, the latest being Amoa in the town of Compostela.
The Amoa project, according to Zamora, received a very warm response from the local market, and has sold around 350 houses valued at P750 million total since it was launched in October 2015.
“It (the housing sector) is still bullish. Amoa will speak for itself. Despite it being far from the city, people reacted positively,” the official said, dismissing speculations of a real estate bubble, especially in horizontal housing.
Amoa home buyers include those from neighboring towns, city dwellers and families of overseas Filipino workers. A big portion of them, said Zamora, are first-time homeowners.
AboitizLand, the property arm of publicly-listed Aboitiz Equity Ventures (AEV), supports over 400 hectares of developments in Cebu, which span across residential, commercial and industrial projects.
Amoa houses are priced between P1.6 million and P3.4 million. Zamora said the total development, which spans 60 hectares, will be completed in five to 10 years.