By Jenniffer B. Austria | May. 11,
2015 at 11:05pm [ manilastandardtoday.com ]
Federal Land Inc., the property unit
of tycoon George Ty, and Alveo Land Corp., the high-end residential unit of
Ayala Land Inc., will spend P2.5 billion for the joint development of a
45-hectare prime property in Laguna province.
GT Capital president Carmelo Bautista
said in an interview at the sidelines of the annual stockholders’ meeting that
Federal Land and Alveo Land were finalizing the master plan for the property,
which will involve the sale of residential lots to the middle to high-end
market.
“We hope to launch it in two to three
months,” Bautista said.
Baustista said the joint venture
partners were securing land from several owners, including properties owned by
the Ty family and other private companies.
He said the Federal Land’s decision to
enter into a joint venture partnership with Alvao Land was part of the group’s
strategic partnership model.
“We feel Alveo will be right partner
for this property,” Bautista said.
Federal Land last month announced it
had teamed up with Alveo Land to develop a 45-hectare property in Biñan, Laguna
into a master-planned residential community.
The property is a few kilometers from
the planned Laguna Boulevard interchange of the proposed Cavite-Laguna
Expressway and in the general vicinity of Ayala Land’s Ayala Westgrove Heights
and Nuvali projects.
The property is strategically located
in Biñan, a highly progressive, first-class component city of Laguna. Biñan
hosts several large industrial parks and commercial establishments.
“Through this strategic partnership
with Alveo, we look to deepen our involvement in horizontal property
development, inasmuch as the historical focus of Federal Land was mostly on
high-rise condominium projects,” Federal Land president Alfred Ty earlier said.
“In tandem with Alveo’s proven
expertise and track record, we expect to provide much-needed quality homes in a
secure, well-planned and efficient community that will benefit not only the
City of Biñan but other nearby areas of Southern Luzon as well,” Ty said.
Meanwhile, Bautista said Federal Land
would unveil seven real estate projects in line with its thrust to step up step
up the launching of new plans in order to provide innovative and high-quality
residential, office and retail developments.
Federal Land in 2014 launched four new
vertical residential projects as well as an open-air lifestyle hub project
called Blue Bay Walk in Pasay City.
Federal Land posted a net income of
P1.5 billion in 2014, up 48 percent from P1 billion recorded in the 2013, while
revenues increased 19 percent to P9.4 billion from P7.9 billion a year ago.
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