Ayala, Alcantara groups to develop Davao property

ABS-CBN News

Posted at Mar 22 2013 11:39 AM | Updated as of Mar 22 2013 07:39 PM

MANILA -- Ayala Land Inc. and Alsons Development and Investment Co. (Aldevinco) signed a joint venture agreement to develop a 25-hectare property in Lanang District in Davao City.

"The development will be allocated for residential and commercial lots, low to mid-rise towers and a retail component," Alsons Consolidated Resources Inc. (ACR) said in a disclosure on Friday.

"This project will add more than 2,000 condominium units and approximately 7,000 square meters of leasable space to ALI's (Ayala Land) growing residential and commercial leasing portfolio, respectively."

The Lanang property is held by a firm jointly owned by Aldevinco and ACR, both of which are part of the Alcantara group.