Revenues slipped 3 percent to P121.8 billion as residential activity normalized from last year’s 27 percent jump.
Property development contributed P75.9 billion, down 1 percent, while leasing and hospitality grew 6 percent to P35.1 billion amid stable mall, office, and hotel operations.
A robust profit margin was maintained at 37 percent in the first nine months, versus 34 percent last year.
Management’s view
“Ayala Land continues to navigate market challenges with discipline and focus,” said ALI president and CEO Anna Ma. Margarita Bautista-Dy.
“We remain committed to expanding our leasing portfolio, enhancing property development fundamentals, and driving disciplined execution and capital efficiency. These, together with our quality improvements, are the key ingredients that will enable Ayala Land to sustain long-term growth,” she added.
Residential sales: a mixed bag
Ayala Land said residential sales were flat at P100.8 billion, while third-quarter sales rose 9 percent to P35.1 billion.
A closer look at the figures shows mixed results: its flagship premium segment, which has driven earnings in recent years, slipped 4 percent to P60.9 billion, while its core business, referring to more affordable brands, grew 8 percent to nearly P40 billion.
Expert’s view
These trends were consistent with the views of Joey Bondoc, research director at Colliers Philippines, who said the government’s flood control probe could dampen demand for high-end real estate.
While he did not say so directly, several politicians linked to the corruption scandal were reportedly buyers of high-end real estate.
“[W]e believe that the flood control mess has had some impact on the more expensive condo segments—luxury and ultra-luxury,” Bondoc said last Oct. 29.
Demand uplift in Ayala Land’s mid-market ‘core’ business
The recent third-quarter gross domestic product report showing sluggish growth has also weighed on investor sentiment, including those in the luxury property segment.
However, Bondoc noted that data points to a strong rebound in mid-market condominiums in Metro Manila, as developers roll out attractive discounts to clear inventory.
In its statement on Monday, Ayala Land noted “improving demand” for core projects during the first nine months of 2025.
Reservation sales
Residential reservation sales, an indicator of future revenues, still improved 3 percent to P111.7 billion in 2025, slower than the 17 percent jump the previous year.
Augusto “Toti” Bengzon, veteran ALI executive and management committee member, told InsiderPH that investment sentiment had turned “subdued” amid the government’s sprawling flood control corruption probe.
Ayala Land launched over P51 billion worth of projects during the nine-month period, including its ultra-luxury tower Laurean Residences within the Makati central business district.
Malls, offices, and hotels grow
Ayala Land’s leasing and hospitality revenues rose 6 percent to P35.1 billion during the nine-month period, with all segments posting gains.
Amid a major mall upgrade program, shopping centers grew 4 percent to P17.4 billion on new mall contributions and steady foot traffic.
Office leasing climbed 6 percent to P9 billion, supported by above-average occupancy rates.
Hospitality revenues increased 4 percent to P7.4 billion, boosted by the addition of New World Makati Hotel despite temporary closures for renovation.
—Edited by Miguel R. Camus
