The Benitez group could count developer Ayala Land Inc. out as one of its potential investors that could salvage the 2.1-hectare Jose Abad Santos Memorial School in Quezon City, which is the subject of foreclosure proceedings. The property giant apparently is not willing to invest in a project with “unresolved stakeholders’ issue.”
“There are issues with various stakeholders. Unless those issues are resolved, it is not an area we are going to start development anytime soon,” Ayala Land president Bobby Dy said.
Ayala Land is willing to forgo potential investment in the JASMS because of the continuing disagreement between the Benitez family and STI Holdings of businessman Eusebio Tanco.
The Benitez family has reportedly invited Ayala Land to be a potential partner for the JASMS. The JASMS property is the same property that STI Holdings wanted to redevelop, also with Ayala Land as a potential joint venture partner.