Ayala Land cashes in on FTI

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The P24-billion winning bid of Ayala Land, the Philippines’ biggest property player, for the Food Terminal Inc (FTI) sprawling complex was not that high after all. Ayala Land confirmed on February 18 to the stock exchange that it has sold about 17 parcels of lots at the 74-hectare property it acquired after besting competitors in a government auction in 2012. These lot parcels in varying sizes were sold for at least P150,000, about 5 times more than the acquisition cost, once considered staggering at P32,000 per square meter. Buying and selling lots it acquired through privatization is apparently not new. It’s a way for property firms to generate liquidity and accelerate development. 


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