By Ben Otto
Philippine property company Ayala Land said Friday that it launched a 120-hectare mixed-use development near Manila, and expects the first phase to generate 17.7 billion pesos ($344.8 million) in sales.
In a filing to the local stock exchange, Ayala Land said subsidiary ALVEO Land Inc. launched the Broadfield property development in suburban south Manila and pulled in PHP2.8 billion in commercial lot sales on its first day.
Ayala Land said it hasn't estimated sales for the entire project yet.
The company is a unit of Ayala, one of the oldest and largest conglomerates in the Philippines. Ayala Corp.'s net profit in the 2019 first half more than doubled from a year earlier to about $737 million on higher contributions from its property, banking and telecommunications businesses.
Ayala Land's stock price was down 0.4% in afternoon trade Friday. Shares have risen 21% year to date.
Write to Ben Otto at email@example.com