MANILA, Philippines (UPDATED) - The country's biggest property group, Ayala Land, and Davao-based investment holding firm Alcantara-led Alsons Development and Investment Corp (Aldevinco) have sealed a deal to develop a 25-hectare property in southern Mindanao.

In a disclosure on Friday, March 22, Alsons Consolidated Resources said the joint venture agreement involves the transformation of the property in Lanang, Davao City into a mixed use community that will include residential and commercial lots, low to mid-rise towers with a residential component.

"This project will add more than 2,000 residential condominium units and approximately 7,000 square meters of leasable commercial space" to Ayala Land and the Alson group's portfolio, the two firms said in separate statements.

Alsons Consolidated and Aldevinco jointly hold the title to the property.

At the signing ceremony were Aldevinco President Tomas Alcantara and Ayala Land president Antonino Aquino, as well as other executives of both firms.

The low-key Alsons Consolidated is in the power and other utility businesses. Its portfolio includes a 98 megawatt diesel plant in Iligan City and an electric and water utilities services in Lima, Bataan. It has a 105 megawatt $105 million-worth plant via unit Saranggani Energy Power that is expected to be completed by August 2015. – Rappler.com