MANILA -- Ayala Land Inc. on Wednesday said it has "agreed in principle" with AboitizLand Inc. for a 50-50 joint venture that will develop properties located in Cebu.
"This joint venture with AboitizLand Inc., a well-established and strong partner in Cebu, is consistent with the company's growth strategy of establishing more developments in the major urban areas of the country; Cebu being one of the most progressive metropolitan areas in the Philippines," Ayala Land said in a disclosure.
The property unit of conglomerate Ayala Corp. added the joint venture is expected to utilize its expertise in building real estate formats such as large-scale, integrated, and mixed-use communities, and the experience of AboitizLand in developing property products in Cebu.
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 tied up to join the bidding for the P17.5-billion international airport project in Mactan, Cebu.