By Jenniffer B. Austria | May. 07, 2013 at 12:02am
Ayala Land Inc., the country’s biggest property company, said Monday it expects to finalize the acquisition of a portion of the 3,000-hectare Puerto Azul property from Boulevard Holdings Inc. of the Panlilio family over the next four months.
Ayala Land president Antonino Aquino said the company was interested in just a portion of Puerto Azul in Ternate, Cavite province. He said Ayala Land could transform the property into another leisure and resort facility similar to Anvaya Cove in Subic and El Nido in Palawan.
“We just had an agreement to talk and come around with the various required studies we had to do prior to actual due diligence work. It will take about four months to be able to complete the actual due diligence,” Aquino said.
Aquino said the two parties had not reached an agreement on whether Ayala Land would acquire part of the Puerto Azul property or the two would form a joint venture to jointly develop the project.
But Aquino said Ayala Land was keen on transforming the property into a leisure-oriented project.
“We have always been talking about leisure-type communities, exactly similar to what we have in Anvaya [Cove], and something like what we will be doing in the El Nido Resort area, so the concept is really to be able to come around with those type of leisure-oriented communities,” Aquino said.
Ayala Land last month said it agreed to acquire some properties owned by BHI.
Ayala Land in Bataan has teamed up with Subic Bay Development and Industrial Estate Corp. to develop a 320-hectare leisure project, called Anvaya Cove. It also operates 150 island resort rooms in Lagen, Miniloc and Apulit Island, formerly Club Noah.
Ayala Land earlier said it planned to double its landbank for tourism-related projects to 1,000 hectares over the next two to three years as the country aims for higher tourist arrivals.
The company this year earmarked P65.5 billion in capital expenditures, including P20 billion for land acquisition.
Ayala Land has teamed up with Aboitizland Inc. to develop properties in Cebu. It also entered into joint venture agreement with the Gaisano group to develop a 12-hectare land in Mactan, Cebu.
Aquino said the company was forging tie-ups in line with its plan to develop in-city projects in major cities in the country.
BHI 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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