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.