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Ayala Land unit sets P12-B expenditure

Posted on February 26, 2013 11:10:23 PM [ BusinessWorld Online ]
AVIDA LAND Corp., the “affordable” property subsidiary of listed Ayala Land, Inc., plans to spend P12 billion until 2023 to develop South Park District -- its first master planned, mixed-use development in Muntinlupa City -- as part of the mother unit’s expansion in southern Metro Manila.
“South Park District will just be the first of major projects that we are launching this year. With the upbeat macroeconomic environment, low interest rates, and growing middle class, we will continue with our expansion into new geographies and new products to cater to our target market of middle-class home buyers,” Christopher B. Maglanoc, Avida Land president, said in a statement yesterday.
“South Park District expands our footprint in the Muntinlupa (City) area and builds on Ayala Land’s long tradition of building exceptional mixed-use communities,” Antonino T. Aquino, Ayala Land president and chief executive officer, noted in the statement.
South Park District will rise on a 6.6-hectare lot along National Road in Alabang, Muntinlupa City which Avida Land acquired in July last year from Nestlé Philippines, Inc. “The multi-phase South Park district will cost P12 billion over a period of 10 years,” the statement read.
Development at South Park District is under way as the two-tower, 1,054-unit Avida Towers Altura -- the first residential project at the site -- began pre-selling in December last year. The 433-unit first tower will feature studio, one-bedroom, and two-bedroom units with a P1.8-6 million price range.
“We plan to ground-break this April, and we expect to complete the first residential building by 2016,” Mr. Maglanoc said in a briefing yesterday at Seda Hotel, Bonifacio Global City in Taguig City.
Ayala Land shares lost P1.15 or 3.50% to P31.70 apiece yesterday.
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