Ayala’s P2.5 billion project in Mindanao
Posted on February 20th, 2010
Ayala Land Inc. (ALI) continues its expansion plan for the year especially in Mindanao. The property giant is constructing an integrated mixed-use complex in Cagayan de Oro, which is estimated to cost at least P2.5 billion.
ALI senior vice president and chief finance officer Jaime E. Ysmael, in a disclosure to the Philippine Stock Exchange (PSE), said that the proposed project is in partnership with Anfilo Management & Investment Corp. and Mindanao Motors Corp. It will rise on a 3.2-hectare property along Claro M. Recto Ave., at the heart of Cagayan de Oro City.
The initial phase of the project would be the development of a shopping mall with approximately 40,000 square meters of gross leasable area. Serving as the centerpiece of the project, the mall will offer basic conveniences addressing the everyday needs of the city, as well the dining, entertainment and retail concepts that will serve immediate communities, tourists and transients. The construction of the shopping mall will begin towards the end of 2010 and is expected to be completed by 2012.
The project will also see the construction of a boutique hotel and an office building catering to the business process outsourcing (BPO) sector.
“With Ayala’s unmatched experience in developing world-class real estate development and the Anflogroup’s strong corporate presence in the area, the project is designed to be an integrated mixed-use development that will change Cagayan de Oro’s urban landscape,” Ysmael said.
According to Ysmael, the said project is the Ayala group’s second partnership with the Anflogroup in Mindanao. The first one was the development of Abreeza Mall in Davao City which is scheduled for opening next year.
The project is part of the company’s plan to further expand its geographic base and launch new business lines and market segments. ALI’s mother company, the Ayala Corp., is one of the country’s largest conglomerates with diversified operations in real estate and hotels, telecommunications, electronics manufacturing, financial services, water distribution, information technology and automotive dealerships.
