Vol. XXI, No. 215 [ Business World Online ]
Tuesday, June 3, 2008 | MANILA, PHILIPPINES
CAGAYAN DE ORO CITY — A third of Ayala Land, Inc.’s residential project in Cagayan de Oro City has been sold, a company official said.
The firm will be turning over sold lots at its 53-hectare Alegria Hills to buyers by next year, said Carol Alloso, Ayala Land’s area sales manager. Phase one of the project is expected to be completed by the middle of next year.
Located at this city’s Upper Indahag district, the Ayala project will have a man-made wetland, the first of its kind in Mindanao.
Company officials said Alegria Hills’ main entrance and gates have been completed ahead of schedule.
As early as 2005, Ayala Corp. executives informed then Mayor Vicente Emano of a planned P4-billion mixed-use complex targeted for development in the village of Indahag, in the east.
With an initial investment of P2 billion, further increasing to P4 billion by 2010, the Ayala business complex will include a shopping mall, high-rise structures, recreation facilities and other upscale community amenities.
On Monday, Ayala Land, in partnership with the Environment department and the City Environment and Natural Resources Office, started the planting of more than 200 hardwood tree species in its upscale residential project.
Officials said the activity is the company’s contribution to the National Environment Month, observed globally in June.
Ayala Land Vice-President Francis O. Monera said private businesses should respond to the issue of climate change and the destruction of the environment.
"But this is something we can change. We have to start to consciously commit and do something about it because we might wake up one day and find there is nothing left for our children and our children’s children because of what we did or what we failed to do today," Mr. Monera said during the launch.
Ayala Land’s landscape architect said the Environment department was scouting for an area to grow trees for their program.
Ayala Land also plans to develop a greenery in another project in Indahag. The company wants to make the whole area a venue for tree-planting. — GPA
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