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Ayala investing P15b in Iloilo

By Alena Mae S. Flores | Posted on Apr. 25, 2013 at 12:02am |
[ manilastandardtoday.com ]
ILOILO CITY—Property developer Ayala Land Inc. said Wednesday it is investing over P15 billion in Atria Park District, a mixed-use community in this city over a 10-year period.
Atria Park integrates residential, retail and business clusters as well as healthcare and educational institutions in a single 21-hectare complex.
The development will include the residential projects of Ayala Land subsidiary Avida Land Corp. called Atria condominiums, as well as parks and landscaped areas, commercial and office establishments, a hotel and a four-story hospital called University Physicians Medical City Iloilo.
Atria Park District is projected to generate close to 10,000 jobs, from its construction to operation, according to Ayala Land.
“Atria Park District represents our largest investment here in Iloilo with more developments expected over its 10-year construction plan. We take pride in bringing a complete live-work-play experience for the Ilonggos in a sustainable community,” Ayala Land president and chief executive Antonino Aquino said.
“This will hopefully help in the further development in the city,” he said.
Altria Park, situated at the emerging city center in the vibrant area of Mandurriao, is accessible to the business process outsourcing offices of the Iloilo-Ayala Land TechnoHub, schools, churches, hospitals, entertainment strips and hotels.
Ayala Land said it was building the hospital, costing P600 million in partnership with Panay Medical Ventures Inc. to help position Visayas as a medical tourism hub.
“Ayala Land is continuing its tradition of building large-scale, integrated mixed-use communities in key growth areas across the Philippines,” Aquino said.
Meanwhile, Ayala Land and Aboitiz Land agreed to form a 50-50 joint venture to develop properties in Cebu.  This will be the second partnership between the Zobel de Ayala and the Aboitiz families, after the two groups earlier teamed up to bid for the P17.5-billion Mactan-Cebu International Airport project.
Ayala Land said in a disclosure to the stock exchange the joint venture with Aboitiz Land was consistent with the company’s growth strategy of establishing more developments in the major urban areas in the country.
“Through this joint venture, the company expects to generate synergies by combining the experience of Aboitiz Land in developing diverse real estate products in Cebu, with Ayala Land’s expertise in building a full range of real estate formats including large-scale integrated mixed-use communities,” Ayala Land said. With Jenniffer B. Austria
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