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Aboitiz’s property unit seeks partners

By Jenniffer B. Austria | Posted on Jan. 02, 2013 at 12:01am
[ manilastandardtoday.com ]
Aboitiz Land Inc., the property arm of Cebu-based conglomerate Aboitiz Equity Ventures Inc., is seeking joint venture partnerships with other real estate developers to build projects in Cebu, a top company official said.
AEV chairman Jon Ramon Aboitiz said the company owns several properties in Cebu, which could be developed in partnership with other real estate companies.
“We are exploring our options, including joint partnership in different areas. We own huge landbank in Cebu,” Aboitiz said.
Aboitiz said the company obtained another 15 hectares of land beside the Mactan 1 Economic Zone, which could be developed into another special economic zone.
AEV completed the acquisition of 100 percent interest in property firm Aboitiz Land from Aboitiz & Co. Inc., which is the private holding company of the Aboitiz family, for P3.2 billion in November.
The acquisition is expected to improve the conglomerate’s earnings capacity.
“Aboitiz Land is an ongoing business with strong recurring income from its industrial estates as well as from its many existing projects. It also has a backlog of prospective innovative projects,” AEV president and chief executive Erramon Aboitiz said in a previous disclosure.
Aboitiz Land is one of the most trusted Cebu real estate developers with investments in residential, commercial and industrial developments and property management.
The property firm established a number of projects over the past several years and continues to innovate to meet the discriminating needs of its diverse markets – from the young and upwardly mobile, young couples, growing families, non-Cebu natives who wish to establish an address in the city to the international Filipino community and the overseas Filipino workers.
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