MANILA, Philippines – A joint development is in the offing between the property arms of the Ayala and Ty groups as they develop a 45-hectare prime property in Biñan, Laguna province.
George Ty’s Federal Land Incorporated and Alveo Land Corporation of Ayala Land Incorporated will be spending P2.5 billion ($55.73 million) for the joint development which will involve sale of residential lots to the middle- to high-end market.
I an interview at the sidelines of the company annual stockholders meeting, GT Capital President Carmelo Bautista said Federal Land and Alveo Land are now finalizing the master plan for the property.
“We hope to launch it in two to 3 months,” Bautista said.
The joint venture partners are also securing land from various owners, including properties owned by Ty family and other private companies, Bautista added.
Federal Land’s move to enter into a joint venture partnership with Alveo Land is its group’s strategic partnership model.
“We feel Alveo will be the right partner for this property,” Bautista said.
In April, Federal Land announced that it partnered with Alveo Land to develop a 45-hectare property located in Biñan, Laguna to be master-planned as a residential community. Biñan, a first-class component city of Laguna, hosts several large industrial parks and commercial establishments.
The property is a few kilometers from the planned Laguna Boulevard interchange of the proposed Cavite-Laguna expressway (CALAX) and is in the general vicinity of Ayala Land’s Ayala Westgrove Heights and Nuvali projects.
Meanwhile, Federal Land will also unveil 7 real estate projects to provide innovative and high quality residential, office, and retail developments.
In 2014, Federal Land launched 4 new vertical residential projects as well as an open-air lifestyle hub project called Blue Bay Walk in Pasay City.
Federal Land earlier partnered with Orix Corporation of Japan to develop the 66-storey Grand Hyatt Hotel project at the Bonifacio Global City. Beside the hotel will rise the Grand Hyatt Manila Residences.
Federal Land posted a net income of P1.5 billion ($33.43 million) in 2014, up 48% from P1 billion ($22.29 million) recorded in 2013. Its revenues went up 19% to P9.4 billion ($209.57 million) versus P7.9 billion ($176.12 million) a year ago. – Rappler.com
$1 = P44.86
There are no comments yet. Add your comment to start the conversation.