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The Subic Bay Freeport Zone has got big investor in its fold, as the Subic Bay Metropolitan Authority (SBMA) has signed a deal with property giant Ayala Land Inc. (ALI) to lease and develop a 7.5 hectare government property at the heart of the Subic central business district.

With the agreement, ALI will be putting in about P3 billion in total investments into its new venture in Central Luzon, as the company diversifies from its traditional hubs in urban Metro Manila and Southern Luzon.

ALI and the SBMA signed a 50-year lease agreement for the development of the property along Rizal Highway inside the freeport zone. The property is located between the two main gates linking the freeport zone Olongapo City.

ALI deputy compliance officer Alfonso Javier Reyes said, “With a total investment of approximately P3 billion, including investments generated from the project’s multiplier effect from retail, office and hotel locators, the project is expected to create about 10,000 new jobs from construction phase to operations.”

For the property it will develop, ALI envisions an integrated mixed-use, master-planned community. The project will include a shopping mall, business process outsourcing (BPO) office building and hotel. “This development is part of the company’s strategy to establish growth centers in various parts of the country,” Reyes said.

He added, “The company’s development will be a catalyst for growth in the Subic-Olongapo corridor and will be a major mixed-use project in the Subic Freeport Zone that is well-planned, integrated and environmentally sustainable.”

The project is ALI’s first foray into the Subic Bay Freeport zone. Other investments of the company in Central Luzon include the leisure estate Anvaya Cove in nearby Morong, Bataan, and the recently opened Marquee Mall in Angeles. A 700,000 square meter shopping complex near the business district of Angeles City and adjacent to the Angeles exit of the North Luzon Expressway (NLEX).