Sunday, February 21, 2010

Ayala Land to invest in P2.5-B project in Cagayan de Oro

MANILA, Philipines - Property giant Ayala Land Inc. has partnered with Floirendo-owned Anflo Management and Investment Corp and Mindanao Corp. to transform a 3.2-hectare property in Cagayan de Oro City into a mixed-used development.

In a disclosure to the stock exchange, Ayala Land said total initial investment for the project will reach P2.5 billion.

The project involves the construction of a shopping mall, an office building catering to business process outsourcing companies and a boutique hotel.

The proposed mall will have 40,000 square meters of gross leasable space that will offer unique, dining, entertainment and retail concepts that will serve immediate communities, tourists, and transients.

"The City of Cagayan de Oro is a trade and commercial center serving as a transport hub for the Northern Mindanao and considered as a high growth area. With Ayala Land's unmatched experience in developing world class real estate developments and the Anflogroup's strong corporate presence in the area, the project is envisioned to be an integrated mixed-use development that will change Cagayan de Oro's urban landscape," the company said.

This is the second partnership between Ayala Land and the Davao-based Floirendo family. In 2007, the two groups also partnered for the development of a 9-hectare property in Davao City.

The joint venture partners proposed to invest P2.3 billion for the construction of a 40,000-square meter retail development and a 20,000-sqm BPO component.

Ayala Land earlier said it plans to spend P27.2 billion to finance the construction of 32 real estate projects, including new malls, office buildings and residential condominiums.

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