Ayala Land earmarks P6.8-B for Bulacan project


Posted at Mar 26 2014 06:25 PM | Updated as of Mar 27 2014 02:25 AM

MANILA, Philippines – Ayala Land Inc. is planning to spend P6.8 billion over the next five years for a mixed-used development project in San Jose Del Monte, Bulacan.

The 100-hectare property called Altarazza will house residential projects, a shopping mall, a hospital, a school and office space for business process outsourcing (BPO) companies.

"The project would be an important piece of property because it at the cross roads of new infrastructure projects that the government is putting up like the MRT 7 and other major highways in Bulacan," said Ayala Land president and chief executive Antonino Aquino.

He added that the decision to develop a property in Bulacan is part of the company's strategy to continue to expand its footprint in key locations in the country.

Ayala Land's Amaia and Avida will develop low segment housing projects at the property.

Amaia will be construct six residential condominiums offering a total of 1,400 units for P1.4 million to P2.5

Avida, on the other hand, will develop 400 units of lot only and house and lots projects within a 12-hectare property worth between P2.6 million to P5.5 million.

A 100-bed healthcare facility will be built through Ayala Land’s QualiMed hospital.

The project will also feature a 5-hectare rain garden, a 1.6 hectare nature park, and a 20-hectare campus to be built by Colegio de San Agustin.

Ayala Land has allocated P70 billion in capital expenditures for this year, 36 percent of which will go to residential development, 29 percent for land acquisition, 17 percent for mall development and the remaining 18 percent for hotels and office projects.