Ayala ties up with Ortigas for property development in Pasig, Mandaluyong
June 29, 2012 10:42 pm
By Joann Santiago
MANILA, June 29 – Ayala Land Inc. (ALI) will initially allocate P15 billion for its “strategic alliance” with Ortigas & Company Limited Partnership (OCLP) Holdings Inc. for the development of its properties.
In a disclosure with the Philippine Stock Exchange (PSE) Friday, ALI said its Executive Committee approved earlier in the day the tie-up with Ignacio R. Ortigas’ OCLP for the development of properties in Pasig and Mandaluyong among others.
“This opportunity comes with the invitation of the group of Mr. Ortigas, and is in line with the Company’s expansion plan,” ALI senior vice president, chief Finance Officer and Compliance Officer Jaime Ysmael said in the disclosure.
“The alliance is expected to generate significant synergies with the other projects of the Company in nearby communities, such as the integrated mixed-use projects in the Pasig and Mandaluyong areas, as well as Bonifacio Global City and the Makati CBD,” he said.
Through this pact, Ayala Land would expand its operations to areas outside Metro Manila, it said.
ALI targets to bring in inputs of its expertise in constructing large scale buildings.
“This development project includes plans for residential, office, retail and hotel components,” according to the disclosure.
In the first quarter this year, ALI posted a 31 percent rise in net income to P2.13 billion and 17 percent increase in revenues to P12.39 billion.
Gains from sales reached a record-high of P19.3 billion, year-on-year expansion of 49-percent. (PNA)