Ayala, Lucio Tan to jointly develop C5 township
THE AYALA and Lucio Tan groups have teamed up to develop a 35-hectare township along the C5 corridor spanning Pasig and Quezon City.
Property giant Ayala Land Inc. and conglomerate LT Group Inc. separately disclosed to the Philippine Stock Exchange on Friday an agreement to jointly develop a project along the C5 corridor.
“We look forward to a successful partnership with the LT Group. This partnership will allow us to combine our capabilities towards the development of a 35-hectare integrated mixed use project in one of the most prime locations in Pasig and Quezon City,” ALI president Bernard Vincent Dy said.
“Our shared vision and commitment to this project will open new opportunities for economic growth, which will contribute to the development of the community,” Dy said.
LTG chair Lucio Tan said: “We are very pleased to be entering into a joint venture with ALI. This project will be a perfect addition to the growing portfolio of Eton Properties Philippines Inc., the property development arm of LTG.”
“We believe that this is an excellent partnership that ill enable us to build an outstanding and mixed-use development, which will offer a wide range of property investment and lifestyle options to customers,” Tan said.
The ALI-LTG partnership will co-develop the project pursuant to a joint masterplan.