By Jenniffer
B. Austria | Posted on Apr. 29, 2013 at 12:01am |
[
manilastandardtoday.com ]
Ayala Land
Inc., a unit of conglomerate Ayala Corp., has signed a joint venture agreement
with the Gaisano family to develop a 12-hectare property in Mactan, Cebu.
Ayala Land
said in a statement posted on its Web site over the weekend it tied up with
Taft Property Venture Development Corp., a member of the Vicsal group of
companies, to transform the property into a mixed-use development.
Ayala Land
said it would acquire an interest of up to 55 percent in the joint venture.
“The property
to be developed is close to many of Mactan’s tourist-oriented establishments.
It is envisioned to become an integrated mixed-use development, possibly with
residential, retail and hotel components. The proposed development will offer a
value proposition, which is distinct from that of the other projects of Ayala
Land in Cebu City,” Ayala Land said.
“Through this
joint venture with the Vicsal group, Ayala Land hopes to further strengthen and
expand its presence in the robust Cebu real estate market,” it added.
It is the
second partnership of Ayala Land with the Gaisano family. The Gaisanos are also
the partner of Ayala Land in the Market! Market! shopping mall in Bonifacio
Global City.
Ayala Land is
strengthening its presence in key urban cities in the Philippines. It said
Wednesday it agreed in principle with Aboitiz Land to enter into a 50-50 joint
venture to develop properties in Cebu.
Ayala Land
said the joint venture with Aboitiz Land Inc. was consistent with the company’s
growth strategy of establishing more developments in major urban areas of the
country.
Ayala Land on
Friday also disclosed plans to acquire some properties of Boulevard Holdings
Properties Inc., a listed hotel and resort developer owned by the Panlilio
family.
Boulevard was
established in 1994 as a holding company with primary interests in the
development of hotels and resorts and tourism-related businesses and
investments in strategic land locations and rentable real estate properties.
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