Close  
  • share this
REDEVELOPMENT LED BY AYALA UNIT

Gatchalian’s Plastic City up for face-lift into urban hub

/ 05:18 AM July 06, 2018

The legal roadblocks to property giant Ayala Land’s bid to redevelop the Gatchalian family’s 60-hectare former plastics manufacturing hub in Valenzuela City into a new mixed-use urban complex have been cleared six years after the parties shook hands for a joint venture.

In a disclosure to the Philippine Stock Exchange yesterday, Gatchalian-led Wellex Industries Inc. (WIN) said the rehabilitation case of its subsidiaries had been terminated following the settlement of loans with Philippine National Bank.

ADVERTISEMENT

“In this regard, the properties of its subsidiaries, marked with encumbrances due to the existence of the rehabilitation court case, will now be free from any lien and encumbrances,” the disclosure said.

The termination of the rehabilitation court case allows WIN’s subsidiaries to proceed with the memorandum of agreement (MOA) with Avida Land.

FEATURED STORIES

Avida Land is the middle-income property development arm of Ayala Land Inc. In 2012, Gatchalian’s Philippine Estates Corp. (PHES) and Avida Land signed a deal to develop 17 hectares of the old “Plastic City” estate.

PHES is one of the owners of the property that Avida Land proposed to develop in Valenzuela but Ayala Land had expressed interest to develop the entire 60-hectare area under a mixed-use master plan.

“It must be noted that the joint venture agreement with Avida Land has not been rescinded. In fact, the termination of the rehabilitation case and the subsequent lifting of the annotations on the titles covering the Plastic City properties are part of the responsibilities of the company under the MOA with Avida Land,” WIN’s disclosure said.

“Now that the court case has been terminated, the annotations pertaining to the encumbrance can be lifted, paving the way for the aforementioned property development to take place,” it added.

The Gatchalians’ Plastic City Industrial Corp. has long ceased its plastics manufacturing and commercial operations due to continued losses, but subsidiaries have leased out its warehouse and building facilities.

It was earlier reported that the redevelopment planned for Plastic City would include an educational complex envisioned to be a smaller version of the UP TechnoHub in Quezon City. There were also plans to build office space to attract business process outsourcing firms.

ADVERTISEMENT
Read Next
LATEST STORIES
MOST READ
Don't miss out on the latest news and information.
View comments

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: 60-hectare former plastics manufacturing hub, Ayala Land, Gatchalian family, joint venture, mixed-use urban complex, Philippine Stock Exchange, Valenzuela City
For feedback, complaints, or inquiries, contact us.
entertainment

‘Sopranos’ gears up for prequel

January 19, 2019 12:30 AM

entertainment

Jett Pangan devastated by Razorback drummer’s suicide

January 19, 2019 12:25 AM

entertainment

Pista ng Pelikulang Pilipino moved to September

January 19, 2019 12:15 AM




© Copyright 1997-2019 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.