MANILA -- Aboitiz Land Inc., the property development unit of Aboitiz Group is solidifying its entry into Luzon’s mid-market segment with the launch three residential projects saying that it has earmarked some PHP5 billion this year on capital spending.

Aboitiz Land First Vice President of Operations Rafael de Mesa told reporters Monday these projects are located in Nueva Ecija, Tarlac and Lipa, Batangas.

De Mesa noted majority of its new project launches are in Luzon even as the company continues to strengthen its foothold in Cebu.

“In the markets that we are focusing in the mid-market house and lot, the demand continues to be strong especially in the provincial locations as the metro gets more saturated,” he said.

De Mesa said this year’s spending budget will be earmarked mainly for projects that have been launched, ongoing construction projects, as well as those that will be launched and begin construction this year.

“We have residential (projects) in Cebu mostly and then we have one in Luzon called Seafront. And then the commercial project in Lipa, we're expanding the Lima Technology Center Industrial Park,” he said.

De Mesa further said the company aims to open The Outlets at Lipa, a commercial retail development, this year.

Aboitiz Land reported a net income of PHP744.2 million last year, an increase of 295 percent from 2016. The significant increase was due to exceptional business performance of its units and recognized fair valuation gains on investment properties. (PNA)