Posted May 11th, 2012 by Jenniffer B. Austria
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)