Philippines' Ayala in $1.5 bln property project

Philippine property giant Ayala Land Inc. said Thursday it will spend 64 billion pesos ($1.5 billion) over the next 15 years to develop a former squatter colony in a suburb of the capital.

The 29-hectare (72-acre) lot in the largely-residential Quezon City area will be a joint venture with the government's National Housing Authority which owns the property, company spokesman Jorge Marco said.

Ayala, known for its upscale housing, office and shopping mall projects, will develop the area while the housing authority will retain the real estate, he added.

"It will house both residential, office, retail and hotel units," he told AFP.

The first phase, spanning about four years, will involve setting up three buildings for business process outsourcing operations, along with a business hotel and a mall in a seven-hectare section, he said.

This first stage will cost about 12 billion pesos.

Much of the area was once a gigantic squatter area where some 6,000 families lived in squalor.

Hundreds of these squatters rioted in 2010 to oppose their relocation, forcing President Benigno Aquino to postpone the demolition of their shanties.

The area covered by the first phase of the project has already been cleared of squatters who have been relocated by the government, Marco said.

Ayala Land, the flagship of the diversified Ayala Corp. conglomerate, posted a 31 percent growth in its net profit last year, hitting 7.14 billion pesos.

Editor’s note:Yahoo Philippines encourages responsible comments that add dimension to the discussion. No bashing or hate speech, please. You can express your opinion without slamming others or making derogatory remarks.

  • Rising number of trafficked fishermen alarms Tawi-Tawi authorities VERA Files - The Inbox
    Rising number of trafficked fishermen alarms Tawi-Tawi authorities

    By Jake Soriano, VERA Files Bongao, Tawi-Tawi—Tawi-Tawi authorities are alarmed at the growing number of fishermen from the Visayas who end up here after being recruited by human trafficking syndicates to engage in dangerous compressor diving. The latest case involves … Continue reading → …

  • The return of Gigi Reyes Ellen Tordesillas, Contributor - The Inbox
    The return of Gigi Reyes

    By Ellen T.Tordesillas This is going to be fascinating. Atty. Gigi Reyes, former chief of staff of Sen. Juan Ponce-Enrile who is included among those accused of plunder in connection with the misuse of Priority Development Assistance Fund, came back … Continue reading → …

  • Viernes Santo in Kalibo VERA Files - The Inbox
    Viernes Santo in Kalibo

    Photos by Little Wing Luna, VERA Files Text by Mitch Meñez Kalibo, Aklan--Viernes Santo or Good Friday is the most solemn of all the days in Holy Week. It commemorates the Passion and Death of Jesus on the Cross. The … Continue reading → …

POLL
Loading...
Poll Choice Options