LISTED property developer Ayala Land Inc. is investing an additional P3.5 billion to beef up low-cost housing unit Amaia Land Corp.

“The additional funding will be used by Amaia for its planned expansion program for the next five years,” Ayala Land said in its disclosure to the Philippine Stock Exchange on Wednesday.

Amaia’s pipeline of projects includes horizontal developments marketed under AmaiaScapes. It is also building residential condominium towers under Amaia Steps and Amaia Skies. To date, the unit has already launched four projects.

The first Amaia Steps is expected to be launched in Novaliches, while the maiden Amaia Skies will rise in Cubao, both in Quezon City.

Ayala Land formally launched the Amaia brand in 2010 in a bid to widen its presence in the broader mass-housing segment. The builder caters to the upscale and middle-income markets through Ayala Land Premier and Alveo Land Corp., respectively, while Avida Land caters to the affordable housing segment.

Ayala Land recently introduced its fifth residential brand, “Buena Vida,” which will build homes for the socialized housing market where units cost no more than P400,000.

The pilot project will be launched on a 10-hectare lot in General Trias, Cavite, within this quarter, Ayala Land said.

Ayala Land reported earlier that strong sales across all its brands have helped net income in the six months to June grow more than a third to P3.38 billion. Revenues were also up 15 percent to P21.25 billion. The builder launched 6,625 units across its brands in the first semester of 2011.  

Ayala Land shares declined 0.5 percent to P15.86 each on Wednesday’s close.