Posted May 11th, 2012 by Jenniffer B.
Austria
[manilastandardtoday.com]
Property giant Ayala Land Inc. plans
to transform the “Plastics City” in Valenzuela City into a mixed-use
residential and retail development, once it closed a deal to acquire the
60-hectare property from plastics king William Gatchalian.
Ayala Land chief finance officer Jaime
Ysmael said the property firm remained in talks with the Gatchalian group that
owns the country’s biggest fully- integrated plastic manufacturing complex in
Valenzuela.
“The desire is to close the deal, as
soon as possible, so we could start the development. That is the preference but
it depends on the negotiations,” Ysmael said.
He said the property was attractive
for residential and retail development since a lot of rich families live around
the area. Ysmael said aside from residents of Valenzuela, the property firm
hoped to lure families within the
Bulacan province.
“There’s a lot of economic activity in
the area and people requiring housing,” Ysmael said, adding Ayala Land had long
been interested in investing in the area as part of its move to expand
geographically.
(Published in the Manila Standard
Today newspaper on /2012/May/11)
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