Latest Stories

Ayala Land sets leisure-oriented project in Mactan

Forms joint venture with Gaisano’s Vicsal group


MANILA, Philippines—Property giant Ayala Land Inc. has raised its stake in Cebu through a joint venture with the Metro Gaisano group to develop a 12-hectare raw land in Mactan into a leisure-oriented mixed-use community.

ALI has agreed to take a 55-percent stake in the joint venture with the Vicsal group of Cebu to develop the property across from the plush Shangrila Hotel on Mactan Island.

“This joint venture opens up another opportunity to work with a strong partner, such as the Vicsal group, in expanding our presence and further creating value in the rapidly-growing and progressive market in Cebu,” ALI president Antonino Aquino said in a statement issued Friday night.

The property would be envisioned as an integrated mixed-use development with a leisure-oriented character, possibly with residential, retail and hotel components, ALI said.

The proposed development is seen offering a value proposition distinct from that of the other projects of Ayala Land in Cebu City. “Through this joint venture with the Vicsal group, Ayala Land hopes to further strengthen and expand its presence in the robust Cebu real estate market,” the statement said.

This is the third property deal announced in a single week by ALI, reflecting the property developer’s aggressive expansion of its landbank in key growth areas. Earlier last week, ALI signed a joint venture to pursue property development projects in Cebu with Aboitiz Land and also entered into a preliminary agreement to acquire some properties of the Panlilio-led Boulevard Holdings Inc., one of the biggest seaside landowners south of Metro Manila.

ALI is taking the lead in the project but apart from just contributing the land, Vicsal is expected to contribute funds for the mixed-use project.

The Vicsal group refers to a branch of the vast Gaisano clan rooted in Cebu. The group is run by siblings Margaret Gaisano-Ang, Jack, Edward and Frank Gaisano. Under Vicsal Development Corp. (named after their parents Victor and Sally), the Metro Gaisano group operates a chain of shopping malls and department stores.

The transaction also marks an expansion of Vicsal’s relationship with the Ayala group. Metro Gaisano, for one, is an anchor locator at Ayala Center in Cebu and is likewise present in Market! Market! in BGC as well as in ALI’s Alabang, Imus and Marquee mall developments.

Follow Us

Follow us on Facebook Follow on Twitter Follow on Twitter

Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: Ayala Land , Business , Cebu , joint venture , Mactan , Metro Gaisano Group , mixed-use community , Philippines , property , Real Estate , Vicsal group

Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94


  • Bernice Lee arrested by NBI team
  • Group: Bataan cop killed to stop him from exposing colleagues linked to drug ring
  • Chemical Engineer licensure examination
  • Troubled history fuels Japan-China tension
  • Palace: Our concern is to ensure MRT runs smoothly
  • Sports

  • NLEX fights off Derulo Accelero to remain unbeaten
  • Mayweather diehard Bieber eats pride, poses with Pacquiao for photo op
  • Power Pinays rip Singapore to enter quarters in Asian volley tilt
  • PBA D-League: Waves edge skidding Superchargers
  • Ilad’s last-second basket lifts Gems over Bakers
  • Lifestyle

  • Miss America: Don’t suspend teen over prom invite
  • Transitions and resurrection in the performing arts
  • ‘Archaeology tour’ of Cebu’s heritage of faith
  • Historic Fort Bonifacio tunnel converted into a septic tank
  • ‘Imports’ from London, and play of the year
  • Entertainment

  • Arrest warrants out vs. Deniece Cornejo, Cedric Lee, et al over serious illegal detention
  • Lindsay Lohan says she had a miscarriage
  • Discovery network cancels Everest jump
  • ‘Captain America’ stays strong atop US box office
  • Easter musings
  • Business

  • Century Pacific Food sets IPO price at P13.75 per share
  • Oil prices down in quiet Asian trade
  • Asian shares mixed in holiday-thinned trade
  • BDO seen keen on bidding for Cocobank
  • Bataan freeport investment pledges up 1,302%
  • Technology

  • PH has slowest internet in Southeast Asia
  • Nintendo’s trailblazing Game Boy marks 25th anniversary
  • Nasa’s moon-orbiting robot crashes down
  • Netizens pay respects to Gabriel Garcia Marquez
  • Nokia recalls 30,000 chargers for Lumia 2520 tablet
  • Opinion

  • Gigi’s home
  • Palace stonewalls on MRT inquiry
  • Couple of things too
  • There is plenty of water behind Wawa Dam
  • Triduum thoughts of a young boy
  • Global Nation

  • Balikatan could spoil peace talks, says militant group
  • DFA officers hold workshop on aiding human traffic victims
  • Canada in communication with PH on toxic wastes
  • Filipinos in Middle East urged not to panic amid MERS-CoV scare
  • Obama on mission to quiet Asia skeptics
  • Marketplace