Ayala chairman Jaime Augusto Zobel de Ayala II said they have put up two more residential apartment buildings in Thailand and is now looking at possible mixed-use development projects in there.

"We have partnered with the Narai Group of Thailand regarding our investments in the residential market. We’re now looking at retail opportunities there," he said.

Zobel explained that they generally start by just acquiring the land or forming partnerships with local real estate firms before going into development, like what they did initially in the US.

AIPL has already invested $ 30 million in real estate properties in the United States. All in all, the company has invested $ 100 million in real estate properties in different countries overseas.

For his part, AC president and chief operating officer Fernando Zobel de Ayala said they are also be looking at China and India as these as growing economies with rapidly growing markets.

"We’re looking at emerging markets abroad, specifically China and India, for future growth. We’ll start with the land and develop the property. We can do this either through joint ventures or direct acquisition of the land," he said.

Fernando Zobel added that they are still investing in the US as it is still a very deep market, although they intend to shy away from the high profile cities.

AIPL has residential developments in Southern California, the San Francisco bay area, as well as in Salt Lake City, Utah, in Phoenix, Arizona, in Nevada, and in Kansas City, Missouri, said AIPL president Charles Cosgrove.

AIPL had also earlier put up a retirement home project in Utah. "We also have a residential project in Nevada that’s under construction. We’ve already taken in residents in Kansas," said Cosgrove adding that they usually get 15 to 20 percent returns pre-tax on these projects.

As far as the company’s plan to expand in China and India, he stressed that it is still in the preliminary stage.

"We’re planning to put up retail and mixed-use developments in China, probably in Beijing and Shanghai and some other cities. For India, it’s still in the ‘early days’ stage. The market just opened up and very much untapped," said Cosgrove.

Aside from residential developments, AIPL is also interested in putting up shopping malls in these countries.

"We’re also interested in putting up what will look like shopping centers in Shanghai and maybe in one or two cities in India, or possibly Bangkok," said Cosgrove.

He added that "these countries — China, India and Thailand — fit the profile we’re looking for in emerging markets. They have favorable demographics, a growing middle class and they are very receptive to foreign investments."

AIPL also has investments in Singapore, Hong Kong, Japan and other parts of the West Coast of the United States.

The company’s previous investments include Repulse Bay luxury residential apartment in Hong Kong; Tokyo residential property; Olderfleet office and car park building in Melbourne in Australia; and Forum retail and office complex along Orchard Road and residential JV projects in Cairnhill and Devonshire in Singapore.