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.