Friday, 22 March 2013
Alcantara group taps Ayala Land to develop Davao property
MANILA - (UPDATED 6:17 p.m.) The Alcantara group has partnered with Ayala Land Inc to develop a Davao City property.
In a disclosure to the Philippine Stock Exchange, Alsons Consolidated Resources Inc (ACR) said Alsons Development Investment Co (Aldevinco) signed a joint venture agreement with Ayala Land for the development of a 25-hectare integrated and mixed-use community in Lanang District.
Ayala Land will spend P3 billion for the first phase of the development, set to start in the second half of 2014.
"This is in line with our thrust to further expand our presence in key regional areas. The development shall be spread across several phases throughout the project life," Pamela Ann Perez, Ayala Land deputy compliance officer, said in a text message.
The project will have residential and commercial lots, low to mid-rise towers and a retail component. It will house more than 2,000 condominium units and approximately 7,000 square meters of leasable space. Aldevinco and ACR own the property.
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