Latest Stories

Gatchalian, Ayalas in talks on Cavite housing venture


GATCHALIAN-LED Philippine Estates Corp. (PHES) is pursuing plans for a residential development in Cavite in partnership with the Ayala group, one of the country’s top property developers.

In a disclosure, PHES on Friday said its board approved the creation of a joint venture with Amaia Land Corp., the Ayala group’s mid- to low-cost housing unit.

“The board of directors … authorized the development through joint venture of the company’s real estate property located in Cavite into a residential and/or subdivision project,” the company said. The firm’s president, Elvira Tan, was also authorized to negotiate and finalize the terms of the joint venture and sign and execute the corresponding agreement with Amaia Land, PHES told the local bourse.

Other details of the potential deal were not disclosed.

PHES of the Gatchalian group developed Pearl of the Orient Tower in Manila, MetroTech Industrial Park and Pacific Grand Residences, both in Valenzuela City, and Pacific Grand Villas and Pacific Grand Townhomes in Cebu.

The Ayala group earlier won the contract to undertake the  P2-billion Daang Hari-South Luzon Expressway link project, the first public-private partnership (PPP) project to be successfully bid out by the Aquino administration. The contract was awarded in December 2011, but work has yet to start due to unresolved issues.

Amaia’s parent Ayala Land Inc. and PHES were earlier reported to be in talks on a similar property development in Valenzuela City to unlock the area’s perceived potential for growth.

Valenzuela is an industrial city and serves as the northern gateway to Metro Manila, having two major highways traversing through it—the MacArthur Highway and the North Luzon Expressway.

In 2011, the World Bank and its investment arm, International Finance Corp., ranked Valenzuela City among the “Most Business Friendly” cities in the Philippines. It was 4th highest in the “ease of starting a business” and first in the “ease of registering property” category.

PHES shares shed 2.5 percent to close at 78 centavos on Friday despite the main index closing at a fresh record high.

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 group , Business , Cavite , housing venture , Philippine estates corp.

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


  • Ukraine FM: We are ready to fight Russia
  • Slain officer’s ‘diagram’ rocks PNP
  • 2 contractors fined P25,000 for delays in Edsa rehab
  • Luisita beneficiaries take over renters
  • 5 years of hard work pay off for top UP grad
  • Sports

  • Sharapova advances to Stuttgart quarterfinals
  • Galedo caps ride of redemption
  • Beermen, Express dispute second semis slot today
  • Lady Agilas upset Lady Bulldogs in four sets
  • NLEX roars to 7th D-League win
  • Lifestyle

  • Love it or hate it? Kris Aquino’s new hairstyle
  • A brand for life
  • Wear a rainbow on your wrist
  • Wearing Kate Moss
  • Sail into summer
  • Entertainment

  • Kristoffer Martin: from thug to gay teen
  • Has Ai Ai fallen deeply with ‘sireno?’
  • California court won’t review Jackson doctor case
  • Cris Villonco on play adapted from different medium
  • OMB exec’s assurance: We work 24/7
  • Business

  • Gaming stocks gain, PSEi eases on profit-taking
  • Cebu Pacific flew 3.74M passengers as of March
  • Corporate bonds sweeteners
  • Professionals in the family business
  • Foreign funds flowed out in Q1, says BSP
  • Technology

  • Vatican announces hashtag for April 27 canonizations
  • Enrile in Masters of the Universe, Lord of the Rings?
  • Top Traits of Digital Marketers
  • No truth to viral no-visa ‘chronicles’
  • ‘Unlimited’ Internet promos not really limitless; lawmakers call for probe
  • Opinion

  • Editorial Cartoon, April 25, 2014
  • No deal, Janet
  • Like making Al Capone a witness vs his gang
  • MERS-CoV and mothers
  • A graduation story
  • Global Nation

  • Afghan hospital guard kills 3 American doctors
  • Career diplomat is new PH consul general in Los Angeles
  • US4GG: Aquino should ask Obama for TPS approval, drone technology
  • Complex health care system for California’s elderly and poor explained
  • Tiff with HK over Luneta hostage fiasco finally over
  • Marketplace