AYALA LAND, Inc. (ALI) said it has paused sales of its Laurean Residences project, citing evolving global conditions, including the situation within the Middle East, which it said are affecting costs and delivery timelines.
“In light of the evolving global conditions, including the situation within the Middle East and its broader impact, we’ve got made the prudent decision to strategically place sales of Laurean Residences on pause, as the present environment presents increasing pressures on costs and reduced predictability in delivery timelines, affecting our ability to execute with the extent of certainty we commit to our customers,” the corporate said in a press release on Monday.
ALI said it has historically managed changing market conditions with a deal with long-term value and disciplined capital management, adding that the choice aligns with this approach.
The corporate added that it’s taking a more selective approach to capital allocation by specializing in projects with clearer execution timelines while strengthening its portfolio, particularly its recurring income base.
“We’re reaching out to buyers directly to debate next steps and the range of options available to them, with the care and a focus they expect from Ayala Land,” ALI said.
“We deeply value the trust our buyers place in Ayala Land, and we remain committed to delivering high-quality projects with the care and discipline which have all the time defined our company,” it also said.
In February, Ayala Land Premier, the corporate’s luxury brand, began construction of Laurean Residences, a high-end residential tower in Makati.
The project will offer unit types starting from suites to four-bedroom units and targets professionals and multi-generational households searching for long-term homes in central Makati. Since its launch last yr, it has recorded about P10.4 billion in sales.
Laurean Residences is the flagship residential tower inside Dela Rosa Gardens, a 1.3-hectare mixed-use development along Paseo de Roxas and Dela Rosa Street, near Ayala Triangle Gardens, Greenbelt and One Ayala.
On the local bourse on Monday, ALI shares fell by 1.4% to P16.96 each. — Alexandria Grace C. Magno