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Alveo Land teams up with Mitsubishi

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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