AYALA Land Inc.'s (ALI) initial foray into the low-cost housing sector is showing better-than-expected results.
This, after a top ALI official disclosed that the first Amaia Land project in Laguna has generated about P595 million in sales since its launch in March.  

Rex Mendoza, ALI senior vice president and head for corporate sales and marketing, said 604 units-or almost half the total 1,309 units launched-in Amaia Scapes Laguna have been sold by end-July. 

"What we intended to sell in two years, we sold in a few months," Mendoza told reporters in a chance interview.
"This is something that we should have done earlier.  There is a very strong take-up [for Amaia Scapes ].  In fact we are studying several new locations now for Amaia," he added.

The traditionally high-end developer is considered a latecomer in the economic housing segment, which has been long dominated by companies such as Villar-led Vista Land & Lifescapes Inc.

Amaia Scapes sells homes valued at P1.25 million and below, targeting families with P20,000 to P50,000 in monthly income, the company said. Citing statistics, ALI said this represents a third of all households in the country.

Mendoza added that while Amaia Scapes is only selling house and lot packages, the developer is already studying walk up-type units.

Plans for the brand include expanding into new geographic areas outside Luzon. "The sky is the limit for Visayas and Mindanao. We are going to be using it for a market that, obviously, Ayala Land Premier, Alveo and Avida cannot be part of," the company executive added.

ALI currently serves the high-end market through Ayala Land Premier, while it is also tapping the middle-income and affordable segments through Alveo Land and Avida Land, respectively.

Amaia Land president Leo Montenegro said earlier that possible locations for new projects include Cavite, Laguna, Batangas, Rizal, Quezon, Pampanga and Tarlac. The company has budgeted P1.08 billion for its three-year capital spending plan.

Meanwhile,  Amaia Scapes Laguna is expected to offer  a total of 1,800 units spread over 20 hectares.  ALI expects to generate P1.6 billion in sales until 2014.

Located in Calamba, Laguna, the development presently offers homes with living areas ranging from 25 square meters (sqm) to 56 sqm on lots measuring 40 sqm to 75 sqm.