By Jenniffer
B. Austria | Posted on Mar. 23, 2013 at 12:01am
[
manilastandardtoday.com ]
Alsons
Development and Investment Co., the holding company of the Alcantara group, and
property developer Ayala Land Inc. formed a joint venture to develop a
25-hectare property in Davao City.
Alsons
Consolidated Resources said in a disclosure to the stock exchange its prime
property in Lanang District in Davao would be transformed into an integrated
and mixed-use community.
It said the
project would include residential and commercial lots, low to mid-rise towers
and retail establishments.
“The project
will add more than 2,000 condominium units and 7,000 square meters of leasable
space to ALI’s growing residential and commercial leasing portfolio,
respectively,” Alsons said.
Alsons
president Tomas Alcantara said the partnership would provide synergy between
Alsons Development, a long- time Davao property developer, and ALI.
ALI investor
relations head Pamela Ann Perez said in a text message phase one of the project
was expected to start in the second half of 2014, with a total investment of P3
billion.
Meanwhile,
Alsons reported a net income of P508.6 million in 2012, up 12 percent from
P455.9 million in 2011 as consolidated revenues inched up to P3.07 billion from
P2.91 billion in 2011.
The increase
in revenues was led by higher sales performance of the electric and water
utilities inside the Lima Technology Center in Batangas owned by Lima Land Inc.
Alsons also
took over the 98-megawatt Iligan diesel power plant from Iligan City after the
bidding in 2011.
Rehabilitation
work on the power plant began early this month.
The plant is expected to begin operating on a ramp basis in April, until
full capacity is achieved by September this year.
“With this
development, the plant will immediately be able to act a source of additional
electric power for Mindanao which is currently experiencing a severe power
shortage,” Alsons said.
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