Posted on 08:40 PM, April 19, 2010 [ BusinessWorld Online ]
THE PHILIPPINE National Bank (PNB), and Avida Land Corp., a unit of Ayala Land, Inc., have agreed to jointly develop the listed lender’s property in Mandaluyong City.
PNB, in a press release, yesterday said it had agreed to let the Avida Land, Ayala Land’s affordable housing arm, develop its 2.3-hectare property located at the corner of EDSA, Reliance and Mayflower Streets in Mandaluyong City.
Avida will also be responsible for marketing the planned condominium complex.
PNB, controlled by tobacco and beer magnate Lucio Tan, said the project will be marketed to young professionals and small families working or doing business in the cities of Mandaluyong, Pasig and Makati.
PNB said the project will feature swimming pools, a children’s play area, a garden and aclubhouse.
The bank said construction will start in 2011 after approval is obtained from the Bangko Sentral ng Pilipinas (BSP).
In a telephone interview yesterday, Susan P. Cervantes, assistant vice president for communications, said the two companies have not yet threshed out the specifics for the project.
She explained that PNB is seeking approval from the BSP since the regulator’s nod is needed for projects involving acquired properties.
PNB said in its press release it had entered into similar deals with Eton Properties Philippines, Inc., which is also controlled by Mr. Tan.
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