Analyze the Ayala Land Real Estate Industry

in Porter Five Competitive Forces

Stephanie C. Tabares, Liezalyn Q. Nerbes, Joanna C. Tadem,

ABSTRACT

The article aims to provide analysis of the Ayala Land Incorporated (ALI) Real Estate
Industry using the Porter five competitive forces of Michael Porter as a tool in determining
relevant factors that affects the business. Through identification of the Ayala Land Real Estate’s
Strengths, Weaknesses, Opportunities and Threats (SWOT) we will be able to provide a valid
conclusion on what affects the business and how Ayala Land Incorporated is leading the
Philippine Real Estate Business.

INTRODUCTION

The Real Estate Industry in the Philippines tends to be a particularly cyclical, going up
and down based on trends in the economy at large. As one of the oldest corporation established
dating back 1834 Ayala Corporation is the largest property developer in the Philippines today.
The Ayala Land Incorporated (ALI) real estate business began as a division of the Ayala
Corporation and became publicly listed in the Philippine Stock exchange in 1991. The Ayala land
business strategy includes promoting sustainable supply chain through a pioneering vendor code
ethics which has gained the Ayala Land leadership ranking among Asia’s top corporations. Ayala
Land’s influence on the real estate industry will be analysed using Michael Porter’s five
competitive forces and by determining relevant factors that affects its business strategy.

STRENGTHS AND WEAKNESSES OF THE AYALA LAND REAL ESTATE

INDUSTRY IN THE FIVE COMPETITIVE FORCES

Threat of New Entrants – Barrier to Entry

The threat of new entrants for the Philippine Real Estate industry is currently relatively
high. This is in relation to the recent booming economy of the Philippines. Many investors are
now establishing business in the country, retail and service industry is being recognized
combined with multiple commercial construction are some of the reasons for the growth of the
economy.

Ayala Land Incorporated (ALI)

Business Journal for Principles of Managerial Economics *GSB-DLSU D *GECO110 Page 1

 Economies of Scale
ALI is the leading, diversified property developer in the Philippines today with a
track record in developing large-scale, integrated, mixed-use communities that become thriving
economic centers in respective regions. With over 8,639 hectares of land bank, through
expansion it currently has 45 growth centers across the country, offering a balanced and
complementary mix of residential spaces, shopping centers, offices, hotels and resorts,
convenience stores and health care facilities. This gives Ayala Land high or positive position in
terms of having well-situated locations to offer its customers and gives other potential new
comers a high competitive disadvantage.

Product Differentiation

ALI is engaged in integrated property management services including building

administration center, subdivision maintenance, and special technical services. It provides
property management services for shopping centers, subdivisions, parking structures, waterworks
operations and other properties developed and its subsidiaries. Although there are many
established real estate developers in the Philippines the quality of work provided by Ayala Land
is what gives them the edge over other competitors and new comers in the Business.

Capital Requirements

In terms of market capitalization, Ayala Land leads as the largest property development
company in the Philippines with P437 billion as of mid-trade February 20 of 2013. Since then
Ayala land has recently been ranked number one for the second consecutive year by Finance Asia
as the Best Managed Company in the Philippines. Year over year, Ayala Land, Inc. has been able
to grow revenues from $76.3B PHP to $89.0B PHP as stated in Bloomberg business financials
section, Financial Statement for Ayala Land Incorporated (ALI) October 2015. ALI has high
capability on investing big projects.

Access to distribution Channels

ALI being one of the prominent Real Estate Company in the Philippines has established
its distribution channels locally giving variety of property management services and real estate
designs that are world-class. ALI ranked number one in the country and is the only Philippine
company that made it to the list of Asia’s Top 100 corporations indicating its ability to compete
globally.

Government Policies

Business Journal for Principles of Managerial Economics *GSB-DLSU D *GECO110 Page 2

 Real Estate government policies in the Philippines are flexible especially to potential
business investors with wide variety of Real Estate Products offered by different companies.

Threats of Substitute Products

The Philippine Real Estate Industry has a number of well-established corporations that
provides a wide range of property management services and products.

List of Real Estate Companies in the Philippines (credits by MarketPublishers.com)

The threat of substitutes in the Real Estate Business in the Philippines is medium to low. Most
buyers within this industry prefer to lease property due to demographic and geographic
advantages facilitated by the management company. In addition to that, when comparing the
cost to purchase a real estate versus the cost to lease space, it is beneficial and practical to just
lease. ALI is well known for establishing and developing Philippines’ fist modern Central
Business District which is Makati. It has established many condominium properties and other
establishments around the Business district, which gives ALI the advantage over other
competitors.

Bargaining Power of Suppliers

The threat of suppliers in the Philippine Real Estate Business is high. There are a lot of
factors that affects the bargaining power of the suppliers. Factors such as investors, operation
work force and raw materials has very important contribution that affects the business as stated
in sample business plan website, “While there are many available suppliers to choose from and
reducing their effective threat to operations, there are also numerous inputs required in order for
real estate industry to operate. Each input is vital for establishing and maintaining profitability
within this industry. Banks and other private capital firms have an effect on this industry. It is
with respect to whether or not it will finance the venture and at what cost they will lend the
money. Additionally, property owners have the power to control the cost of the real estate.
Commercial real estate is significantly more expensive than residential real estate. The
construction industry influences this industry as a result of material costs, wages, and again,
financing. Investors also bear influence on publicly traded real estate operations corporations. If

Business Journal for Principles of Managerial Economics *GSB-DLSU D *GECO110 Page 3

investors aren’t satisfied with the management of the company, market price will go down,
influencing equity, and they will be reluctant to purchase newly issued shares and weary of other
investment offerings from the company.” The above-mentioned factors are the items for
consideration in maintaining the business. For ALI, being one of the first Real Estate Corporation
in the Philippines had the advantage of establishing partnerships and support locally and abroad
that makes the business in the positive end.

Bargaining Power of Buyers

ALI has a broad market base including local and foreign individual and institutional
clients. Although the Company does not have a customer that will account for twenty percent
(20%) or more of its revenues, the bargaining power of buyers is high due to three primary
reasons the high competition of key players in the industry, low product differentiation and easy
access of information. Because of the industry’s high bargaining power of buyers ALI cannot
easily increase or lower its price.

High competition in the industry

There’s an estimated thousands of real estate companies registered in the Philippines.

These consist of small pocket developers to large land developer companies. Among the high
number of businesses engaged in real estate, large part of its industry is held by its top key
players. This is mainly due to its capacity to acquire good locations, large capital to spend in
construction of projects and capacity to spend in their marketing and sales programs. However,
unlike in other industry the real estate industry has a large number of key players and almost
each of the players has the same capacity as the other which makes their competition fiercer,
thus, giving more power to the buyers because buyers can easily look for other company to buy
property if it does not find the offering of the company appealing.

Low Product Differentiation

Products in the real estate industry are almost the same in its every player; their portfolio
caters from affordable town houses and condo to exclusive villages & luxurious prime urban
condominiums. Because of the players’ capacity issue as mentioned in number one, players low
end products have the same quality and almost in same locations as other players and high end
properties have only a little if not the same quality and also in the same location. Because of low
product differentiation, buyers don’t find it hard to look for other property with the same quality
they are looking for if it does not find a company’s offer appealing.

Easy Access of information

Business Journal for Principles of Managerial Economics *GSB-DLSU D *GECO110 Page 4

 With the growing knowledge of the market to internet, buyers have access and may
compare details of each player in the industry. Key factor when buying properties such as price,
locations, image, amenities and processing time can already be known through the internet
without even engaging to the real estate companies. This is why companies also spends large
amount in making their online marketing tools appealing so that it may serve them as an
advantage in acquiring buyers.

Current Competitors

Ayala Land Inc.

Ayala Land is the only full-line real estate developer in the Philippines with a major
presence in almost all sectors of the industry. Ayala Land believes that, at present, there is no
other single property company that has a significant presence in all sectors of the property
market. Ayala Land has different competitors in each of its principal business lines.

With respect to its mall business, Ayala Land’s main competitor is SM Prime whose focus
on mall operations gives SM Prime some edge over the company in this line of business.
Nevertheless, Ayala Land is able to effectively compete for tenants primarily based on its ability
to attract customers -- which generally depends on the quality and location of its shopping
centers, mix of tenants, reputation as a developer, rental rates and other charges. For office rental
properties, Ayala Land sees competition in smaller developers such as Kuok Properties
(developer of Enterprise Building), Robinsons Land (developer of Robinsons Summit Center)
and nontraditional developers such as the AIG Group (developer of Philam Towers) and RCBC
(developer of RCBC towers). For BPO office buildings, Ayala Land competes with the likes of
Megaworld and Robinsons Land.

Ayala Land is able to effectively compete for tenants primarily based upon the quality
and location of its buildings, reputation as a building owner and the quality of support services
provided by its property manager, rental and other charges.

With respect to residential lot and condominium sales, Ayala Land competes with
developers such as Megaworld, DMCI Homes, Robinsons Land, and SM Development
Corporation. Ayala Land is able to effectively compete for purchasers primarily on the basis of
reputation, price, reliability, and the quality and location of the community in which the relevant
site is located.

For the middle-income/affordable housing business, Ayala Land sees the likes of SM
Development Corp, Megaworld, Filinvest Land and DMCI Homes as key competitors. Alveo
and Avida are able to effectively compete for buyers based on quality and location of the project
and availability of attractive in-house financing terms.
Business Journal for Principles of Managerial Economics *GSB-DLSU D *GECO110 Page 5
 For the economic housing segment, Amaia competes with Camella Homes, DMCI
Homes, Filinvest, Robinsons Land and SM Development Corporation.

Profitability in the industry

House is a basic necessity for every family and every Filipino family aims to acquire
their own home. With this, it is expected to have a steady demand for real estate property. With
the growing economy and lower bank rates imposed by BSP it is expected that sales of property
will also increase. The new working classes who belong to the “millennial generation” are
starting to acquire affordable properties because of their growing capacity. These properties will
be used as their first home or in preparation for having a family of their own or as an investment
to generate other source of income. On the other hand, the people who belong to baby boomer
generation and generation X who had gathered wealth over time are starting to acquire more
luxurious property. The properties will be used as a replacement for their new house, a 2 nd house
used as a vacation house or an additional investment to their portfolio.

Ayala Land Inc.’s key to its profitability is through its traditional activity of developing
large-scale, mixed-use integrated communities while diversifying its revenue base. Ayala land
achieves this by increasing its rental activities, where it has locked-in growth in gross leasable
area with new malls of various formats and expanding its real estate business into different
markets and geographic areas with increasing presence in the core-mid and mass housing
segments where there are significant growth opportunities or where developments complement
its existing real estate business. Furthermore, Ayala Land expansion of its service businesses,
with external contracts accounts for its increase in share of its services income.

SWOT ANALYSIS

Strengths

ALI’s financial strength is evident with its consolidated revenue of Php95.20 billion as of
2014, 17% higher than the previous year which is reflected through its high sales. As of 2014,
ALI has 8,639 hectares of landbank which make it confident that it has sufficient properties for
development in the next 25 years. Aside from the company’s characteristics of longevity in the
industry, it also has organizational strength because of the career opportunities and leadership
development programs offered for employee engagement and retention. ALI’s sales force across
all of its product segments is also their strength as they only hire the best brokers, sales managers
and sales agents that are driven and highly motivated to earn and to be the best in sales
production.

Business Journal for Principles of Managerial Economics *GSB-DLSU D *GECO110 Page 6

 Another significant strength of ALI is its inclination to deliver sustainability programs
such as Site Resiliency to extreme climate conditions, Pedestrian and Transit Connectivity which
encourages a walking culture in order to prevent traffic and pollution, Eco-efficiency which
lowers energy requirements and carbon footprint, and Promoting Local Employment to help
foster local economic growth and opportunities.

Weaknesses

ALI is not actively investing into advertising particularly to major media channels like
television and radio which makes the public particularly the lower market segment less aware of
its wide array of brands. Majority of the masses view Ayala properties as high priced and they
are not even aware that ALI offers affordable products under that cater to the minimum wage
earners and members of the informal business sector with a product price range of Php450,000 to
Php900,000 and they also have products under economic housing segment and just slightly
above Php1million.

Opportunities

The major opportunity of ALI is the continuous growth of the Philippine economy which is 1.8%
in Q2 of 2015. Developments are sprouting as more infrastructures are built in all locations.
More businesses are emerging and growing thus, making the demand for commercial and office
spaces high. Investors are also looking to purchase more properties and shares of ownership of
stocks. The upcoming ASEAN Integration is looked forward to as it will bring high opportunities
for development and investment. “These exciting developments underscore the need for the
Philippine real estate industry to use its strengths and raise the bar for innovation, quality,
excellence and differentiation. This will enable us to compete head on with our ASEAN
counterparts,” as Antonio, APREA chairman said. Another opportunity is that when the
population continues to increase, there is also an increase in the demand for houses nationwide.

Threats

The major threat of ALI is the chance of economic slowdown which will affect all of its
business lines like changes in the number of tourists which will affect ALI’s hotel and resort
operations, ambiguous interest and foreign exchange rates which will affect the buying decision
especially the OFW market. The upcoming ASEAN integration will also intensify the
competition for the upcoming years. Another threat is the dynamic change in construction
material cost, labor cost, power rates and other relevant costs that affect the company’s
profitability. The frequent occurrence of natural disasters also is a factor that affects its
developments. Changes in laws and regulations that apply to the Philippine Real Estate Industry
is also a threat to ALI as project permit approvals are necessary for the development.

Business Journal for Principles of Managerial Economics *GSB-DLSU D *GECO110 Page 7

 WHAT IS AYALA LAND’S COMPETITIVE ADVANTAGE AND COMPETITIVE
POSITION?

Differentiation

ALI’s competitive advantage is achieved through its differentiation strategies. Knowing

that ALI is the most diversified developer; its major advantage is its wide product segmentation
and differentiation for each brands. For residential alone, ALI has 5 brands that complete the
company’s extensive portfolio house and lots and condominiums. Ayala Land Premier is the
high-end, luxury segment residential condominiums and lots, Alveo Land Corp. offers various
residential and office products to the middle-income market while Avida Land Corp. develops
affordable housing and office projects which offer both condo and house and lot packages.
Amaia Land Corp. caters to the country’s economic housing segment and Bella Vita Land Corp
is the social enterprise community development targeting minimum wage earners and members
of the informal business sector. Through this kind of differentiation, the company yields high
market share as there will be flexibility on the buyer’s choices depending on their capacity to pay
and there is a lesser need for consideration of other competitor’s products as ALI already has a
complete sets of product line.

WHAT ARE THE OTHER MAJOR INCOME STREAMS FOR AYALA LAND INC.?

ALI’s primary and known income source is Property Development which includes sale of
residential lots and units, office spaces, commercial and industrial lots and it comprises 56% of
2014 consolidated revenues. Aside from property development, other major income sources are
Commercial Leasing which includes shopping centers, office leasing and hotels and resorts
operations and Services such as Construction and Property Management.

Commercial Leasing is 18% of 2014 consolidated revenues while other services have a
bigger percentage of income of 25%. ALI is also known for its shopping malls nationwide and
merchants always target Ayala malls as it is marketed by not merely a place to shop a place with
lifestyle activities and centers including galleries and museums to showcase their incomparable
architecture, artistry and design. ALI is also into development of office buildings in various
prime areas catering to locators such as BPO firms and even SMEs that requires traditional
headquarter-type offices. ALI’s flagship hotel brand name “Seda” is widely known because of its
presence in the key cities and tourist destinations and ALI has also reached Palawan by its newly
developed resorts in El Nido.

ALI is also offering services such as Construction through Makati Development Corp.
(MDC) and its other subsidiaries which is doing the construction of properties under Ayala and
also provides services to other private and public companies. Ayala Property Management Corp.
Business Journal for Principles of Managerial Economics *GSB-DLSU D *GECO110 Page 8
(APMC) is the business entity which manages properties of ALI and its other subsidiaries and
third-party clients.

The company also entered into new businesses which are: Family Mart, a new standard
convenience store which caters to the highly urbanized communities with 90 branches as of the
end of 2014, Wellworth - mid-market department store that offers a wide variety of international
local and exclusive brands. Qualimed, which offers quality medical care and services that are
affordable and accessible, and Merkado, a supermarket with extensive lines of local and
imported goods, fresh and grocery items.

WHAT IS AYALA LAND INC. BUSINESS STRATEGY?

“Follow the Tracks”

There’s a line in the popular children’s classic ‘The Wizard of Oz’ wherein to get to Oz
(home), all you have to do is to ‘follow the yellow brick road.’ The same principle applies to
ALI’s land acquisition business strategy wherein they follow the infrastructures. According to
Aquino, Director of ALI, they’re new residential developments will be based on the areas of
infrastructure like roads such as the MRT7, Skyway and C5/C6. Target areas will be on the north,
east and west particularly on the areas of Bulacan, Rizal, Pampanga, and Batangas. “Our specific
targets are places where there are a lot of new infrastructure happening. You got to have the
major land infrastructure, something better than what you have in Ortigas Avenue. You need a
C6-type of development then we will be very looking closely at Rizal and Bulacan," Aquino
said. Currently, some example of ALI’s new development projects near the infrastructures are the
Ataraza Town Center in San Jose del Monte Bulacan near the MRT-7 route and the Arca South
project, a central business and lifestyle district in Taguig which will be near the Skyway – FTI
and C5 connector road.

Participate in the Bidding for PPP Projects

ALI sets up $1 billion investment which consists of 70% for power projects and 30% for
infrastructure projects. According to AC Infrastructure Holdings Inc president, John Eric Francia,
they currently have six power projects and three infrastructure projects. As of March 2015, Ayala
Group has undergone three infrastructure projects which includes; Daang Hari- SLEX Road
(MCX), the Automated Fare Collection System (AFCS) and the Light Rail Transit Line 1 (LRT1)
Cavite Extension. Ayala Group successfully launched MCX last July 24, 2015 a 4 km toll road
which cuts through Muntinlupa City to link the Bacoor-Muntinlupa-Las Piñas area to SLEX and
now, they continue looking for new PPP projects to bid and one of it is the P170 billion North-
South Railway Project – South Line.

Business Journal for Principles of Managerial Economics *GSB-DLSU D *GECO110 Page 9

 CONCLUSION

The threat of entry for other developers is high as they will be affected by the economies
of scale, high capital requirements and wide product differentiation compared to what ALI
securely has. There is also a difficulty in establishing solid sales networks such as salespeople
and brokers to pitch in sales and contribute to the company’s profitability. ALI is widely known
for its reputation and buyers are not greatly affected with its increase or decrease in price as ALI
already has numerous loyal and satisfied customers. However, in some segments, buyers or
tenants opt to switch into other developers that offer lower prices and they consider properties
with proper management body. Suppliers are numerous to choose from making the threat in
operations low and banks are very competitive nowadays by producing low interest rates for
housing loans, easy loan application and flexible payment schemes that attract buyers. ALI
maintain its current standing of being the top real estate developer in the country by considering
the different factors that drives the industry competition and continuous improvement of their
strengths and business strategies.

Other industry giants in the Philippines such as SM Development Corp, Megaworld

Corp, Robinson’s Land, Century Properties, etc. also eats up the country’s real estate market
share and ALI must continue to watch out for these big competitors and continue to maintain its
competitive advantage through breakthrough differentiation of products and services.
Opportunities and threats should also be highly considered as usually, the Real Estate is one of
the main driving forces of the economy and it is widely influenced by the economy’s growth.
According to Colliers Philippines, many economists are predicting that the Philippines will
become the top performing economy in the Asean region and this will be a big opportunity for
ALI to increase its sales and production in the following years.

REFERENCES:
ONLINE SOURCES
Business Inquirer (2015) PH real estate sector to stay strong in 2015. Retrieve from
http://business.inquirer.net/187339/ph-real-estate-sector-to-stay-strong-in-2015

Business Journal for Principles of Managerial Economics *GSB-DLSU D *GECO110 Page 10

Ayala Land Inc (2015) A brief history of the Philippines’ oldest business house. Retrieve from
http://www.ayala.com.ph/about_us/page/ayala-at-180-years
Manila Bulletin (2014) Ayala Land tops sustainability ranking. Retrieve from
http://www.mb.com.ph/ayala-land-tops-sustainability-ranking/
Wikipedia (2015)Ayala land. Retrieve from
https://en.wikipedia.org/wiki/Ayala_Land
Philippine Star (2015) Ayala Named Best Managed Company. Retrieve from
http://www.philstar.com/business/2015/03/23/1436414/ayala-named-best-managed-company
Rappler (2013) Merger of SM Units may Dislodge Ayala Land. Retrieve from
http://www.rappler.com/business/22178-merger-of-sm-units-may-dislodge-ayala-land
Bloomberg (2015) Ayala Land Inc. Retrieve from
http://www.bloomberg.com/research/stocks/financials/financials.asp?ticker=ALI:PM
BCIT Business (2000) How Competitive Forces Shape Strategy. Retrieve from
http://faculty.bcitbusiness.ca/KevinW/4800/porter79.pdf
Wikipedia (2015) CBRE Group. Retrieve from
https://en.wikipedia.org/wiki/CBRE_Group
Sample-Business Plan (2012) Industry Analysis for Real Estate Operations. Retrieve from
http://www.sample-businessplan.com/industry-analysis-real-estate-operations.html
Slideshare (2013) An Industry Analysis of the Real Estate Sector. Retrieve from
http://www.slideshare.net/arunavnayak75/industry-analysis-of-the-real-estate-sector
Franchise Help (2015) Real Estate Industry Analysis 2015 –Cost & Trends. Retrieve from
https://www.franchisehelp.com/industry-reports/real-estate-franchise-industry-report/
Research Paper Center (2008) The Real Estate Industry Five Forces Model Analysis. Retrieve from
http://eng.hi138.com/economics-papers/industry-economic-papers/200809/45132_the-real-estate-
industry-five-forces-model-analysis.asp#.Vgj9ENKqqko
Manila Standard (March 28, 2014)Top Real Estate Players Today. Retrieve from
http://manilastandardtoday.com/2014/03/28/top-real-estate-players-today/
Business Inquirer (August 30, 2014) Ayala Land Bags Best Developer Award. Retrieve from
http://business.inquirer.net/177645/ayala-land-bags-best-developer-award
Philsite - General Real Estate Guide in the Philippines. Retrieve from
http://real-estate-guide.philsite.net/info.htm
Interaksyon (April 22, 2013) Ayala Land eyes expansion in areas with infrastructure projects. Retrieve
from
http://www.interaksyon.com/business/59974/ayala-land-eyes-expansion-in-areas-with-infrastructure-
projects
Interaksyon (March 30, 2015)Ayala Group eyeing more infrastructure projects in the next five years.
Retrieve from
http://www.interaksyon.com/business/107965/ayala-group-eyeing-more-infrastructure-projects-in-next-
five-years

Move On (August 11, 2015) More infrastructure/Ayala Land Wins. Retrieve from
http://www.moveon.ph/more-infrastructure-ayala-land-wins-bid-for-p4-b-ppp-transport-project/
Business World (April 13, 2011) Ayala eyes PPP deals; gov’t could offer more. Retrieve from

Business Journal for Principles of Managerial Economics *GSB-DLSU D *GECO110 Page 11

http://www.bworldonline.com/content.php?section=TopStory&title=Ayala-eyes-PPP-deals;-gov
%E2%80%99t-could-offer-more&id=29763
ABS-CBN News (July 22, 2015)Daang Hari-SLEX link road opening Friday, traffic decongestion seen.
Retrieve from
http://www.abs-cbnnews.com/business/07/22/15/daang-hari-slex-link-road-opening-friday-traffic-
decongestion-seen
DOTC (2014) DOTC Bids out 9th Transport PPP: 171B south line of north –South Railway project.
Retrieve from
http://www.dotc.gov.ph/index.php/2014-09-02-05-01-41/2014-09-03-06-43-32/147-dotc-bids-out-9th-
transport-ppp-p-171-b-south-line-of-north-south-railway-project
Avida Land (Jan. 7, 2014) Ayala Land’s new strategy : Follow the tracks. Retrieve from
http://avida-land.com/ayala-lands-new-strategy-follow-tracks/
ABS-CBN News (May 7, 2014)Ayala Land eyes expansion in mixed use projects. Retrieve from
http://www.abs-cbnnews.com/business/05/07/14/ayala-land-eyes-expansions-mixed-use-projects
Philippine Canadian Inquirer (April 12, 2015)Ayala Group boosting energy, infrastructure projects.
Retrieve from
http://www.canadianinquirer.net/2015/04/12/ayala-group-boosting-energy-infrastructure-projects/
DPWH (August 3, 2015) Daang-Hari –SLEX link road project. Retrieve from
http://www.dpwh.gov.ph/PPP/projs/daang_hari.slex.link.htm
Weebly – the SWOT Analysis. Retrieve from
http://thisisyamenelra.weebly.com/swot-analysis-competitive-and-cooperative-strategies.html
Property Mart Phils. - Flash towards new ways of living in an emerging central business and lifestyle
district. Retrieve from
http://propertymart.ph/arca-south-ayala-lands-new-business-and-lifestyle-district-in-the-city-of-taguig/
Ayala Land Inc. (April 2015) Ayala Land Annual report. Retrieve from
http://ir.ayalaland.com.ph/uploads/files/ALI%2017A%20Complete%20File%20April%2015.pdf
Ayala Land Inc. (2006)
http://ir.ayalaland.com.ph/uploads/files/P252M%20Homestarter%20Bonds.pdf
Hoppler (Jan 23, 2013) The Builders: 12 top real estate developers in the Philippines. Retrieve from
http://www.hoppler.com.ph/blog/featured-real-estate-developers/the-builders-12-top-real-estate-
developers-in-the-philippines-part-1-of-3
The Philippine Star (March 27, 2014)Ayala Land bond offer gets highest rating. Retrieve from
http://www.philstar.com/business/2014/03/27/1305424/ayala-land-bond-offer-gets-highest-rating
CNN (July 12, 2012) What is driving the Philippines’ surprisingly strong growth? Retrieve from
http://edition.cnn.com/2012/07/12/world/asia/philippines-surprise-surge/
The Philippine Star (April 10, 2015) Local developers gear up for ASEAN integration. Retrieve from
http://www.philstar.com/real-estate/2015/04/10/1442085/local-developers-gear-asean-integration
Real Estate Investing (November 19, 2014) The Asean Integration and its Impact to the Philippine real
Estate Industry. Retrieve from
http://philpropertyexpert.com/the-asean-integration-and-its-impact-to-the-philippine-real-estate-industry/

Business Journal for Principles of Managerial Economics *GSB-DLSU D *GECO110 Page 12