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Ayala Land, AboitizLand to develop Cebu properties
By DANESSA O. RIVERA, GMA News
(Updated 3:24 p.m.) Ayala Land Inc. and AboitizLand Inc. are developing a 15-hectare land in Mandaue City, Cebu, following a partnership deal signed last year.
The Ayala-led property developer signed a 50-50 joint venture deal with AboitizLand, Ayala Land said in a disclosure to the Philippine Stock Exchange Monday.
The development of parcels of land in Cebu, including the 15-hectare parcel in Mandaue City, are targeted to be launched in 2015.
"The joint venture with AboitizLand is our first mixed-use project in Mandaue City and represents the fourth integrated mixed-use project in Metro Cebu," Ayala Land CFO Jaime Ysmael told GMA News Online in a text message.
He was referring to the Cebu Business Park and Cebu IT Park in Cebu City and the leisure-oriented joint venture project with the Metro Gaisano group in Mactan City.
"The new project will further support business expansion in the fast growing Metro Cebu area which should lead to more investments, increased employment and growth in overall economic activity in the province," Ysmael said.
In April 2013, Ayala Land and AboitizLand partnered to buy and develop properties in Cebu province.
"With the combined experience and expertise of both Ayala Land and AboitizLand, this partnership is expected to enhance and create long-term value for the province of Cebu," the disclosure Monday read. – VS, GMA news
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