Published : Saturday, June 30, 2012
00:00 [ manilatimes.net ]
Written by : Madelaine Miraflor,
Reporter
AYALA Land Inc. (ALI) has entered into
a strategic alliance with the group led by
Ignacio Ortigas to participate in OCLP Holdings Inc., and allocated P15
billion to the development of its various properties and businesses.
In a disclosure to Philippine Stock
Exchange (PSE), the alliance with OCLP Holdings, the parent company of Ortigas
and Company Limited Partnership, was an invitation that came from Ortigas and
this is in line with ALI’s plan to expand.
“The strategic alliance is consistent
with ALI’s thrust of expanding its operations to other areas within and outside
Metro Manila through partnerships,” ALI said in a statement.
The alliance is expected to generate
significant synergies with the other projects of ALI in nearby communities,
such as the integrated mixed-use projects in the cities of Pasig and
Mandaluyong, as well as Bonifacio Global City in Taguig City.
“Our company intends to contribute its
expertise in building large scale, mixed-use developments to this partnership.
This development projects include plans for residential, office, retail and
hotel components,” the listed real estate firm said.
ALI president Antonino Aquino said on
Friday that the Philippine economy has never been progressive and this is a
good sign to start large projects.
On Thursday, ALI launched its
P30-billion worth of projects named One Bonifacio High Street, a joint project of
Ayala Land, Evergreen Holdings, and Fort Bonifacio Development Corp. The Suites
has a development cost of P9.9 billion and the new PSE building will cost P3
billion to P4 billion.
ALI is a property developer giant in
the country that spans residential, commercial and industrial space
development, mall and hotel operations, construction, and property management
services.
Almost 62 percent of its revenues come
from sales of residential and industrial land, and the leasing of shopping
centers and office space.
Also on Thursday, the Ortigas family
has fused its interest in the property holding company Ortigas Holdings, by
buying out the 34-percent stake held by HSBC, a British banking giant, for
about P11 billion.
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