Posted on November 23, 2012 08:47:33 PM [ Businessworld Online ]
LISTED Philippine Estates Corp. is set to partner with the low-cost residential unit of Ayala Land, Inc. in developing a subdivision in Cavite, the company said in disclosure yesterday.
“The board of directors of Philippine Estates Corp. authorized the development through joint venture of the corporation’s real estate property located in Cavite into a residential and or subdivision project,” the disclosure read.
The company added it “has authorized its president, Miss Elvira A. Ting to negotiate and finalize the terms of the joint venture development thereafter sign and execute the corresponding agreement with Amaia Land Corp.”
Officials could not be immediately reached for additional details.
Amaia Land, the low-cost residential development unit of Ayala, announced in February it would be launching 17 projects this year.
The middle-to-low income housing brand has three brands namely, Scapes, Steps and Skies.
These new projects would add 14,070 additional units on top of the 7,276 units offered in the market last year. -- Cliff Harvey C. Venzon