Manila, Philippines—Ayala Land Inc. (ALI) generated a net income of P25.3 billion in 2017, a strong growth of 21 percent. Total revenues grew 14 percent to P142.3 billion, backed by substantial bookings and completion of its property development projects and expanding leasing business.

Supporting ALI’s healthy top line was the resurgence of property sales in 2017, recording higher growth of 13 percent to P122.0 billion, a big jump from the 3 percent growth in 2016. The fourth quarter of 2017 was also robust with a 17 percent growth in property sales as ALI accelerated its launches during the last quarter, ending 2017 with a total of P88.8 billion worth of residential and office condominium developments. This was complemented by its growing leasing revenues, which increased by 10 percent to P31.0 billion as its new malls, offices, and hotels and resorts continue to grow.

In 2017, ALI opened five malls: Ayala Malls The 30th, Ayala Malls Vertis North, Ayala Malls Cloverleaf, Ayala Malls Marikina, and Ayala Malls Feliz, with a combined gross leasable area (GLA) of 189k sqm, bringing the company’s shopping center GLA to 1.8 million sqm.

Also, ALI completed six office buildings with a total GLA of 185k sqm, strengthening its hold in the office market segment, bringing the company’s total office GLA to 1.02 million sqm.

The company’s hotels and resorts business, on the other hand, added six new facilities on its roster, including Seda Vertis North with 438 rooms.