MANILA, Philippines - The Ayala and Aboitiz groups are jointly developing a 15-hectare mixed-use community in Mandaue City, Cebu, which will be launched next year.
Ayala Land and AboitizLand have signed a 50%-50% joint venture agreement for the development of the Mandaue City property.
"Following the success of Cebu Business Park and Cebu IT Park, this project is primed to be the newest city center in one of the most progressive metropolitan areas in the country, consisting of innovative residential, retail and office components," Ayala Land said.
AboitizLand said the target launch of the Mandaue project is 2015.
"The joint venture project is expected to combine the land development expertise of AboitizLand and ALI. This development will add to AboitizLand's diverse portfolio of integrated residential communities, commercial pockets and industrial parks in the province of Cebu," AboitizLand said.
Ayala Land has built various real estate projects in Cebu through its brands Ayala Land Premier, Alveo Land, and Avida Land.
The Ayala and Aboitiz groups recently made a joint bid for the P17.5-billion international airport project in Mactan, Cebu. However, the GMR-Megawide group submitted the highest bid for the project.