To be launched in Mandaue City by 2015: Ayala Land, AboitizLand tie up to develop properties in Cebu

CEBU, Philippines - Two giant real estate developers, Ayala Land Inc. (ALI) and AboitizLand Inc., have teamed up to develop a new city center in Cebu.

Officials of ALI and AboitizLand recently signed a joint venture agreement to solidify their partnership in developing what is envisioned to be one of Cebu's most impressive growth centers.

Used to be the closest competitors in Cebu's real estate sector, the two companies have now joined hands capitalizing in the robust real estate growth which is seen to take a long term upswing track.

"We are very excited to work with AboitizLand in developing another city center that will further boost Cebu's economy. The development shows great promise and will provide new opportunities for business expansion and employment, while providing the community with quality spaces for convergence," said ALI president and chief executive officer (CEO) Tony Aquino.

The partnership brings together ALI's track record in developing masterplanned, sustainable communities and AboitizLand's vast and deeply-rooted real estate experience in Cebu.

The joint venture is set to develop and operate a 15-hectare city center in Barangay Subangdaku, Mandaue City in Metro Cebu. The development is targeted to be launched in 2015.

According to Andoni Aboitiz, chief executive officer of AboitizLand, the company is looking forward to embarking on this venture together with a strong partner, "who shares the same vision, passion and commitment with us, in building Cebu through what we do best —place-making."

The Mandaue City development will be ALI's fourth major mixed-use district in Metro Cebu, following the Cebu Business Park (CBP), Cebu IT Park and the upcoming Mactan development.

Ayala Land has also built various real estate projects in Cebu through its brands Ayala Land Premier, Alveo Land and Avida Land.

On the other hand, it will be the 20th development of AboitizLand in Cebu over a diverse portfolio of integrated residential communities, commercial pockets and industrial parks like Pristina North, The Persimmon Towers, Ajoya, Mactan Economic Zone 2 and the Outlets.

To rise in this new center, which is just within the vicinity of Cebu's main business districts, are innovative residential developments and commercial spaces with retail and office components.

The property also enjoys direct access to major road networks and public transport facilities.

The site is about 20 minutes away from the airport and even closer to Cebu's major sea ports which serve as gateways to the rest of the Visayas and Mindanao provinces.

In a disclosure to the Philippine Stock Exchange Monday, the Ayala-led property developer announced that it signed a 50-50 joint venture deal with AboitizLand. /JMD (FREEMAN)