The Ayala and Lucio Tan groups are pooling their resources and expertise 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 Friday an agreement to jointly develop a project along Circumferential Road 5 (C5), a network of roads and bridges forming a major thoroughfare in Metro Manila.
“We look forward to a successful partnership with the LT Group. This partnership will allow us to combine our capabilities toward 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.”
The project is a mixed-use development that will offer a wide range of property investment and lifestyle options to customers, Tan said.
This expands ALI’s presence in Metro Manila outside Makati and Bonifacio Global City. The group, which expects to grow business by 20 percent yearly through 2020, also has an interest in land-rich Ortigas Holdings.
The ALI-LTG partnership will develop the project pursuant to a joint masterplan, according to the disclosures.