Property developer Ayala Land Inc. and LT Group Inc., the investment company of tycoon Lucio Tan, signed a partnership to jointly develop a 35-hectare property along the C5 corridor.
Ayala Land and LT Group said in a joint disclosure to the stock exchange the project was envisioned to be a township development spanning portions of Pasig City and Quezon City.
No other details were provided.
Both companies said they would co-develop the project, pursuant to a joint master plan.
Tan, the chairman of LT Group, said the joint venture with Ayala Land would be an excellent addition to the growing portfolio of property unit Eton Properties Philippines Inc.
“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 chief executive Bernard Vincent Dy said the partnership would allow both companies to combine their capabilities towards 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.”
This will be the third partnership between Ayala Land and LT Group.
LT Group’s Eton Properties teamed up with Ayala Land’s mass housing arm Amaia Land Corp. in 2010 to develop a four-hectare property in Calamba Laguna.
Ayala Land through middle-income housing unit Avida Land also teamed up with Eton Properties in 2011 to develop a four-tower residential condominium along Edsa at the corner of Reliance Street in Mandaluyong City.
Share price of Ayala Land climbed 4.8 percent Friday to close at P28.50 while the stock price of LT Group advanced 1.7 percent to P14.54.
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.
Eton Properties has 26 projects under its wing and has completed seven high-rise condominiums, one mid-rise development, three residential subdivisions, two commercial centers, one events venue and three business process outsourcing hubs.
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