Ayala eyes P1.6 billion from sales of high-end residential resort in Bataan

Anvaya Cove Beach and Nature Club Inc., a joint venture between Ayala Land Inc. (ALI) and Subic Bay Development & Industrial Estate Corp., expects to raise between P1.07 billion and P1.6 billion from the sale of proprietary shares.

Anvaya Cove is a high-end residential resort community that will rise on a 320-hectare property in Morong, Bataan. It marks ALI’s first venture into leisure development.

In a registration statement filed with the Securities and Exchange Commission, Anvaya Cove said it will offer a total of 2,450 common shares consisting of 1,950 Class B shares and 500 Class C shares. Each class B share shall entitle the holder to one usage right while Class C shares shall be entitled to two usage rights and may be held by a corporation, partnership or association.

The Class B shares are estimated to cost P510,000 per share while the price of Class C shares is pegged at P850,000 per share.

Proceeds from the offer shall accrue to selling shareholders – ALI and Sudeco, which is owned by businessman Carlos de Leon. Sudeco will provide the land while ALI shall develop the project which is envisioned as the next center for tourist attraction with the imminent conversion of the property into a world-class resort.

The masterplan for this development includes a beachclub, a nature camp and set of trails, a resort-spa complex, a water sports pavilion, a recreational lagoon for boating and fishing and a chapel. ALI will spend around P3.2 billion for the initial development phase.

The project, located just a few minutes away from the southern gate of the Subic Bay Metropolitan Authority, will be developed over a period of five to 10 years. The other clusters will comprise the development of residential units or vacation homes priced at between P6,000 and P10,000 per square meter.

Anvaya Cove is in response to customers’ growing desire for high-quality leisure products, primarily weekend and holiday residences in a resort setting. It is also in line with the company’s strategy of expanding presence in underpenetrated segments.