Wednesday, November 25, 2009 | MANILA, PHILIPPINES [ BusinessWorld Online ]
The Ayala group is said to be interested in joining Campos-led Greenfield Development Corp. for the development of a 23-hectare masterplanned project in Mandaluyong.
Greenfield Development President Jeffrey D. Y. Campos told reporters yesterday that Ayala group had approached the firm and expressed interest to help develop the residential and commercial components of the project, called the Greenfield District.
“Ayala wanted to come in and do the residential and commercial [part of the project] but we said we wanted to do it ourselves. But we are not closing the door,” Mr. Campos said, adding that the group was also in talks with other interested parties.
Greenfield Development wants a partner for a business process outsourcing venture that will rise on the 23-hectare lot, which will be developed into mixed-use central business district.
Ayala Land, Inc. spokesman Alfonso Reyes however said in a text message that he was not aware of such an offer.
“[B]ut we have partnered with the [Camposes] on several occasions in the past and I am certain that we would be open to exploring further areas of cooperation in the future,” Mr. Reyes said.
The Greenfield District is a multi-billion development project which will be done in various phases. The first phase of the project will involve the construction of a residential condominium, the Twin Oaks Place.
The twin-tower project, one of 30 buildings set to rise in the area, will break ground next year.
This is the company’s first foray into the high-end residential condominium market. The P3-billion project will have a total of 760 units.
The Campos group has a long history of partnership with Ayala Land, the country’s largest property developer.
In 2005, both groups partnered for the development of the Ayala Greenfield Golf Leisure Club at the Ayala Greenfield Estates in Calamba, Laguna.
Ayala Land and another Campos firm, Evergreen Holdings, Inc., acquired control of Fort Bonifacio Development Corp., developer of the Bonifacio Global City in Taguig, from Metro Pacific Investments Corp. in 2003.
Greenfield Development recently tied up with Ayala Land’s sister Bank of the Philippine Islands for a 17-hectare residential project in Laguna province. -- Kristine Jane R. Liu
_____________________________________________________________________________________
