By Jenniffer B. Austria | Apr. 29, 2013 at 12:01am
Ayala Land Inc., a unit of conglomerate Ayala Corp., has signed a joint venture agreement with the Gaisano family to develop a 12-hectare property in Mactan, Cebu.
Ayala Land said in a statement posted on its Web site over the weekend it tied up with Taft Property Venture Development Corp., a member of the Vicsal group of companies, to transform the property into a mixed-use development.
Ayala Land said it would acquire an interest of up to 55 percent in the joint venture.
“The property to be developed is close to many of Mactan’s tourist-oriented establishments. It is envisioned to become an integrated mixed-use development, possibly with residential, retail and hotel components. The proposed development will offer a value proposition, which is distinct from that of the other projects of Ayala Land in Cebu City,” Ayala Land said.
“Through this joint venture with the Vicsal group, Ayala Land hopes to further strengthen and expand its presence in the robust Cebu real estate market,” it added.
It is the second partnership of Ayala Land with the Gaisano family. The Gaisanos are also the partner of Ayala Land in the Market! Market! shopping mall in Bonifacio Global City.
Ayala Land is strengthening its presence in key urban cities in the Philippines. It said Wednesday it agreed in principle with Aboitiz Land to enter into a 50-50 joint venture to develop properties in Cebu.
Ayala Land said the joint venture with Aboitiz Land Inc. was consistent with the company’s growth strategy of establishing more developments in major urban areas of the country.
Ayala Land on Friday also disclosed plans to acquire some properties of Boulevard Holdings Properties Inc., a listed hotel and resort developer owned by the Panlilio family.
Boulevard was established in 1994 as a holding company with primary interests in the development of hotels and resorts and tourism-related businesses and investments in strategic land locations and rentable real estate properties.
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