Ayala Land to transform former Nestlé factory into ‘residential masterpiece’
MANILA, Philippines—Ayala Land Inc. has expanded its land-banking in the southern part of Metro Manila with the acquisition of a 6.6-hectare property in Muntinlupa that was formerly the site of a Nestlé coffee factory.
The property, which is less than two kilometers away from Muntinlupa’s central business and commercial district, is envisioned to become “another residential masterpiece” with commercial and office leasing facilities, ALI said in a press statement on Tuesday.
“This move allows us to offer our products to a bigger market and provide more Filipinos the ability to experience living in sustainable Ayala Land communities,” said Jaime Ysmael, ALI chief finance officer, in the statement.
The property was acquired through ALI’s mid-income residential development arm Avida Land.
The property is seen adding to ALI’s roster of developments in the area, which includes the 700-hectare Ayala Alabang Village, the two-tower Avida Towers Alabang, and the newly expanded Alabang Town Center.
ALI has earmarked P8 billion for new land acquisitions this year as it aims to increase its presence further in various locations in the country.
Under the company’s “5-10-15” strategy, ALI aims to achieve by 2014 (or five years from launch date), P10 billion in net income and a 15-percent return on equity.
ALI intends to enter targeted growth areas in various parts of the country. It recently launched Harbor Point in the Subic Bay area to add to its initial northern Luzon offerings in Pampanga. It has also developed Marquee Mall and Marquee Residences in Angeles, and Avida Residences in San Fernando.
Meanwhile, ALI said it has continued to invest in southern Luzon to complement its 1,800-hectare Nuvali community, which it said has now become a convergence point for many residents in the Sta. Rosa and Canlubang areas.
In the Visayas, ALI has announced new areas for development in Iloilo, Bacolod and Negros Occidental while it continues to further increase its presence in Cebu.
In Mindanao, the company is currently constructing its Centrio development in Cagayan de Oro and expanding its Abreeza development in Davao.
ALI has also announced new development projects in Metro Manila including its planned entertainment complex in what was formerly the Sta. Ana racetrack.
