AYALA Land Inc., the country’s second-largest property developer, said it is launching three mixed-use development projects this year, focusing on the projects of the Ortigas group.
The company said it will launch the 250-hectare Evo City in Kawit, Cavite; the 25-hectare Azuela Cove in Davao City; and the still-to-be named 35-hectare parcel of land in Quezon City near the Pasig area.
Anna Margarita Dy, the company’s senior vice president and group head of its strategic land bank management, said in a news briefing all three are joint-venture projects. This means the land will be retained by its current owners, while the company will develop these.
Evo City was an idle land, while the site in Davao is owned by the Alcantara Group for its lumber yard. The Quezon City-Pasig project belongs to the LT Group Inc., led by tycoon Lucio Tan.
“We are excited about the projects. The project with LTG is our first play in the C-5 corridor,” Dy said.
Jaime Ysmael, the new head of OCLP Holdings Inc., said it has completed the master plan for the development of the group’s properties, mainly in Greenhills in San Juan, Capitol Commons in Pasig, Fontera Verde in Pasig and Circulo Verde in Libis, Quezon City.
OCLP owns Ortigas and Co. Ltd. Partnership, which has vast properties in certain portions of Metro Manila. The Ayala Group owns 47 percent of OCLP, the SM group has 37 percent and the remaining 9 percent is owned by the Catholic Church.
Ysmael said the master plan for the redevelopment of Greenhills Shopping Center has been completed, and the company will launch several residential and commercial projects within the year.
“We just do the projects one at a time. We are buying out the remaining leases. The estimate on the development cost is about a couple of billion pesos for the first phase [redevelopment],” Ysmael said.
The company also owns 70 percent of Concrete Aggregates, which has a 300-hectare quarry site in Angono, Rizal.
Ysmael said the company is also thinking of developing some of its portions for residential purposes.