MANILA, Philippines – Property giant Ayala Land Incorporated and LT Group Incorporated of beer and tobacco tycoon Lucio Tan have entered into a partnership to develop a 35-hectare lot along the Circumferential Road 5 (C5) corridor.
Ayala Land and LT Group said in a joint disclosure to the Philippine Stock Exchange that the project is envisioned to be a township development that spans portions of Pasig City and Quezon City.
Both companies said they will co-develop the project pursuant to a joint master plan. No other details were provided.
Tan, who is the chairman of the LT Group, said the joint venture with Ayala Land will be an excellent addition to the growing portfolio of its property unit Eton Properties Philippines Incorporated.
“We believe that this is an excellent partnership that will enable us to build an outstanding mixed-use development which will offer a wide range of property investment and lifestyle options to customers,” Tan said.
Ayala Land President and CEO Bernard Vincent Dy said the partnership will allow both companies to combine their capabilities toward the development of a 35-hectare integrated, mixed-use project in one of the most prime locations in Pasig and Quezon City.
“We look forward to a successful partnership with the LT Group,” 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 added.
This will be the third partnership between Ayala Land and the LT Group.
In 2010, LT Group’s Eton Properties partnered with Ayala Land’s mass housing arm Amaia Land Corporation to develop a 4-hectare property in Calamba, Laguna.
In 2011, Ayala Land, through its middle-income housing unit Avida Land, also tied up with Eton Properties to develop a 4-tower residential condominium along EDSA corner Reliance Street, Mandaluyong City.
Share price of Ayala Land on Friday closed at P28.50 ($0.597), up 4.78%; the stock price of the LT Group advanced by 1.68% to P14.54 ($0.305) per share.
Eton Properties has an extensive land bank in strategic locations all over the country. It specializes in high-end and mid-income high-rise and horizontal residential developments, office projects, commercial centers and mixed-use township developments.
To date, Eton Properties has 26 projects under its wing and has completed 7 high-rise condominiums, one mid-rise development, 3 residential subdivisions, two commercial centers, one events venue, and 3 BPO hubs.