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Ayala Land and partner to raise P2B for Anvaya Cove Beach Club

Vol. XXI, No. 182 [ Business World Online ]
Thursday, April 17, 2008 | MANILA, PHILIPPINES

AYALA LAND, Inc. and partner Subic Bay Development and Industrial Estate Corp. (Sudeco) will raise as much as P2 billion for the development of Anvaya Cove Beach and Nature Club, Inc.


Jay Jallorina

As the developer, Ayala Land will use between P595.22 million and P679.36 million from the sale of shares to club members to develop the club and its facilities for the benefit of its members. Ayala Land owns 92% of the club and Sudeco owns the rest.

The club will own and manage a first-class beach and recreational facility in Morong, Bataan although it has not started its regular business operations.

Proprietary in nature, the shares will consist of 2,450 common shares with an initial value of P1,000 per share. It will be sold in tranches by the shareholders for nine years. The offer period was to have started in June 2005 and end in 2015.

Based on a prospectus submitted to the Securities and Exchange Commission, the offer price can be as high as P510,000 for class B shares and P850,000 for class C shares.

Ayala Land, Inc. Chairman Fernando Zobel de Ayala said they are looking closely at the tourism industry. "What you have seen in the project we have in Anvaya is just the beginning of many phases in that project... We do hope there will be a strong tourism component in that particular project," he said.

Ayala Land and Sudeco said the club targets upper income households in Metro Manila and Central Luzon.

The club will become the center of a 320-hectare residential leisure community called Anvaya Cove to be developed by Ayala Land.

To maintain its exclusivity, anyone who wants to buy a property in the residential community must become a club member. — RAMR

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