Ayala to buy P2.3 billion property in Cavite

MANILA, Philippines—Ayala Land Inc. has signed a deal to acquire land in Ternate, Cavite, worth P2.3 billion from Puerto Azul landlord Boulevard Holdings Inc.

BHI disclosed to the Philippine Stock Exchange that this landbank would be used to develop a high-end mixed-used community using the Ayala Land Premier Brand.

“The property is defined by a small bay with finger promontories sheltering the beach cove and a backdrop of mountains with magnificent ocean views and green forests that makes it prime real estate,” BHI said.

This agreement is still subject to a closing period in order to obtain all requisite approvals, conduct of due diligence, and other conditions precedent to closing within the next three to four months, BHI said.

“BHI is also counting on other positive synergies from the development of these parcels,” the disclosure said.