Posted on November 05, 2013 10:40:27
PM [ BusinessWorld Online ]
PROPERTY DEVELOPER Alveo Land Corp., a
unit of Ayala Land, Inc., has partnered with Japan’s Mitsubishi Corp. to
develop a mixed-use community in Pasig City, the parent said in a disclosure
yesterday confirming a Bloomberg report carried in two newspapers.
The parent firm also clarified in a letter to BusinessWorld that it
remains interested in a reclamation project in Pasay City.
“Alveo Land has entered into a 60%-40%
joint venture agreement with Mitsubishi Corp. for the development of more than
3.6 hectares of prime land in Ortigas Center into a mixed-use lifestyle
community.”
“With an estimated total project cost
of about P18.5 billion, the proposed development is envisioned to enhance the
value proposition of one of the country’s most highly urbanized zones into an
integrated business and lifestyle district.”
No other detail was provided, though
Antonino T. Aquino, Ayala Land president and chief executive officer, said in
text message that the project will be located “in Pasig near Valle Verde Country
Club.”
Yesterday, Ayala Land also clarified
it was still interested in a venture to reclaim and develop 300 hectares of
land at Manila Bay, even as it said in a Nov. 4 letter to the Pasay City
government that it “cannot submit a counterproposal” to SM Group’s
P54.5-billion reclamation plan due to questions on project terms.
“[W]e wish to clarify that Ayala Land…
is still interested in it,” the company’s public relations consultant said in a
letter. “All we asked of the Pasay City government was to resolve certain
issues before proceeding with the bid.”
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