Ayala Land Leans on Leasing for Growth on Slow Residential Sales
The Greenbelt Mall, operated by Ayala Land Inc., in Manila, the Philippines.
Photographer: Hannah Reyes Morales/BloombergTop Philippine property firm Ayala Land Inc. is banking on its office, malls and hotel businesses to drive growth this year as an oversupply of condominiums drags on its residential segment.
“Property development will probably be flat but leasing will grow double digits,” Ayala Land President and Chief Executive Officer Anna Ma. Margarita Bautista-Dy said in a briefing on Friday. “What we are aware of is there’s oversupply situation in some areas.”