Philippine property developer advances into retail sector

Philippine property giant Ayala Land plans to extend its reach to the retail sector (supermarkets and department stores) in the next five years. Ayala will roll out as many as 10 supermarkets and department stores.

According to Jamie Ysmael, CFO of Ayala, the retail outlets “will definitely be our anchor to our expansion program.” Ayala’s subsidiary Varejo already signed a joint venture with Estenso Equities, a unit of Puregold Price Club, to develop and operate mid-segment supermarkets, along with another joint venture with Rustant’s Group for the creation of department stores in Ayala malls.

Ayala earmarked US$150 million (Peso 65.5 billion) this year, with completed developments, and will launch 69 news projects with a combined value of $3 billion.