Photo caption: Ayala Land has significant presence across residential, mall, and office developments in the Makati central business district.

Performance Highlights

Outlook and Strategy

With reduced COVID cases, high vaccination rates, and improved mobility, Ayala Land is optimistic that the country is on course for full resurgence and positioned to accelerate recovery. Local consumption remains strong, accounting for more than 70% of Gross Domestic Product, and the nation’s favorable demographics, a growing middle income, and a young working-class will support growth over the medium to long term. Industry experts project that by 2030, the Philippines’ middle-income population will grow by 37.5 million – making it the fourth largest in the world.

COVID-19 was initially thought to bring permanent disruption to Ayala Land’s business lines. However, based on how things have progressed, most of its major businesses will remain relevant post-pandemic. Some will even benefit from the changes in consumer preferences, while a few businesses will require a higher level of reinvention, with changes that need to be implemented quickly. New opportunities have also been crystallized, which will be pursued aggressively. Nevertheless, the pace of recovery will vary per business line, which is estimated to take two to three years.

With its geographical presence across the Philippines, high-quality product offerings, a diversified portfolio, unmatched institutional capability, and a dynamic organization, Ayala Land has a solid platform in place for recovery and growth.

Launch an optimal mix of horizontal and vertical projects for sale

Balance amount of launches depending on market demand

Stabilize operations of challenged commercial leasing businesses

Improve mall and hotels and resorts operations by minimizing cash outflows and maintaining offices market share



Land bank strategically located in key growth centers for immediate and long-term development


Unique master-planning process integrating product lines to create sustainable and vibrant communities and foster urban development


Wide range of products that caters to all markets and segments of the property sector


Quality of products and services that upholds strict sustainability and corporate governance practices for its customers and stakeholders


A decentralized structure empowers its people and provides the flexibility to execute its strategy in a fast and efficient manner


Strong balance sheet to support growth plans and prudent fiscal policy to maintain the strength of its financial position

How We Create Value

Estate Development

Develops estates that host its property development and commercial leasing products.

Property Development

Offers residential, office for sale, and commercial and industrial lots across various segments through five brands: AyalaLand Premier, Alveo, Avida, Amaia, and Bellavita.

Commercial Leasing

Develops and operates malls, offices, and hotels and resorts.

Construction and Property Management

Owns its construction and property management companies, Makati Development Corporation and Ayala Property Management Corporation, to ensure quality throughout the entire project life.

Strategic Investments

Ayala Land holds investments that complement its core business: AREIT, Inc., AyalaLand Logistics Holdings, Corp., Cebu Holdings, Inc., Ortigas Land Corp., MCT Bhd., and other ventures

People flock to the newly renovated Greenbelt 3, which has a new facade and a fresh set of restaurants

The Value We Create


2021 Achievements

2021 Financial Performance

2022 Priorities

Launch an optimal mix of horizontal and vertical projects for sale

Stabilize operations of challenged commercial leasing businesses

Property Buyers, Residents, Shoppers, Mall locators, Office Tenants, Tourists and General Public

Provides homes and venues for business and leisure that support the community and spur economic growth.

8,591 completed and turned-over residential units

Two offices opened adding 94,000 sqm GLA

Investors, Analysts, Creditors

Provides consistent growth in shareholder returns, ensures long-term value for investors, and fulfills credit obligations.

₱12.2 billion net income

0.77 net D/E ratio

4.4% average cost of debt

Property development revenues ended at ₱75.9 billion, 14% higher from the previous year.

Revenues from the sale of residential lots and units totaled ₱57.1 billion, 19% higher vs 2020.

Launched 22 property development projects amounting to ₱75.3 billion worth of product.

Sales reservations ended at ₱92.2, 13% higher vs 2020.

Commercial leasing revenues down 5% to ₱20.6 billion in 2021. Fourth quarter, revenues grew 47% to ₱6.4 billion, as mall footfall and resort travel bubbles increased.

Shopping center revenues declined 13% to ₱7.9 billion.

Average 2021 mall operating GLA reached 67% with foot traffic at 38% of pre-COVID levels. December foot traffic averaged 85% of pre-COVID levels.

Total malls GLA stood at 2.12 million sq. meters as of end-2021.

Revenues from office leasing grew 5% to ₱9.9 billion.

Total Ayala Land Offices 2021 GLA ended at 1.32 million square meters with an occupancy of 85% for its existing buildings.

Offices – Opened 2 new offices and added 94,000 sqm of GLA for a total of 1.32 million sqm.

Total hotels and resorts revenues registered at ₱2.8 billion, a 12% decline from last year, as operations were limited during the second and third quarters of 2021.

Hotels and Resorts – Operated hotels as quarantine facilities and hosted 120 travel bubbles at the resorts.

Adopt a balanced approach in product introductions and launch ₱100 billion worth of inventory equally split between horizontal and vertical offerings.

Reinvent mall spaces and capture opportunities in tourism with the reopening of international and domestic travel.

Nuvali is strategically located in the cities of Sta. Rosa, Calamba, and the Municipality of Cabuyao in Laguna, within the CALABARZON growth corridor.

Estate Development

The pandemic and imminent risks from climate change highlighted the value of estates - living or working within an integrated mixed-use development where necessities were within reach, providing safety and resilience to businesses and communities. Amid the intermittent lockdowns in 2021, the Taal Volcano eruption, and Typhoon Odette, the estates were safeguarded, and transformations were introduced to keep the community vibrant and support businesses. In Makati CBD, initiatives were taken to activate open spaces, support estate locators, and community gatherings. The Makati Street Meet was introduced to allow restaurants and food merchants to set up outdoor dining facilities.

Bonifacio Global City, in coordination with the local government of Taguig City, rolled out projects to combat the spread of COVID-19. Taguig City’s first ever Drive-By Testing Facility was opened in BGC, providing a safer testing site for the community.

Responsible and Safe Biking was championed at Nuvali, with the launch of the Bike Smart program, which instituted guidelines for the biking community to make Nuvali a model bikeable city and promote a positive biking community culture. The program was also launched in Arca South and Vermosa during the year.


With sustained property demand, Ayala Land launched 22 residential projects. 48 percent of the launch value was from lots and house and lot packages—a substantial increase from 26 percent before the pandemic, in response to a higher market preference for living in less dense environments. Take-up from horizontal products alone jumped 36 percent to ₱41.5 billion, led by horizontal developments in Southern Luzon by Ayala Land Premier and Alveo.

The residential business group maximized its digital assets to augment lower selling mobility and provide a safe contactless turnover option to buyers. ₱20.2 billion of the reservation sales originated through digital means, equivalent to 22 percent of total, while 65 percent of turnovers were done virtually.

Shopping Centers

Notwithstanding the reinstitution of stricter mobility restrictions during the year, Ayala Malls kept its operations open to the public, providing access to essential goods and services. Rent condonation and subsidies totaling P7.2 billion were granted to merchants during community quarantines in 2021. Stringent health and safety protocols were enforced to ensure the welfare of all mall patrons. Moreover, Ayala Malls supported the national vaccination program, with 17 malls serving as vaccination sites across the country.

To adapt to the changing business environment, Ayala Malls introduced strategic shifts to its operations. On the ground, open spaces were maximized for outdoor dining use, while adhering to social distancing requirements. On the digital front, the Z!ng app gained traction and reached 80 thousand members. Its extended offerings, Z!ngShops and Z!ngEats, hosted 122 merchants. Z!ngMall, the e-commerce platform of Ayala Malls, will be launched in 2022.


BPO and traditional companies maintained operations despite most employees working from home and offshore gaming tenants closing business. With continuing interest from business locators, Ayala Land Offices signed over 210,000 square meters of new leases and renewals, and handed over 33,000 square meters of newly-built office spaces to tenants.

ALO continued to deliver world-class buildings amid the prolonged pandemic and construction restrictions. It completed two new office buildings, Ayala Triangle Gardens Tower 2 at the corner of Paseo de Roxas and Makati Avenue, with a GLA of 63,000 square meters, and the first tower of One Ayala offices, at the corner of Ayala Avenue and EDSA, with 31,000 square meters.

Within the one kilometer Bonifacio High Street is Bonifacio High Street Central that houses multiple blocks of retail outlets, restaurants, and offices.

Hotels and Resorts

Ayala Land Hotels and Resorts continued to provide safe accommodations to returning overseas Filipinos for their mandatory quarantine requirements, as well as the Travel Bubble program for domestic tourists. Undeterred by the pandemic, AHR bagged 61 awards and citations for the year.

As part of its digitalization initiatives, a Contactless check-in system was piloted in Seda BGC, Vertis North, Nuvali and Seda Residences Makati providing a safe and convenient alternative to hotel guests. It also began the development of its own online travel agency and booking engine platform so that guests and patrons can book their reservations to Seda hotels and El Nido Resorts directly.

The easing of travel restrictions in the fourth quarter allowed more travel bubbles to be hosted, partially cushioning lower occupancy during the first nine months of the year. For the year, a total of 120 travel bubbles were conducted at El Nido and Lio Resorts. AHR ended 2021 with 4,030 hotel and resort rooms.