MANILA - Ayala Land said Wednesday it has earmarked P20 billion with the Alcantara Group to develop a mixed-use estate in Davao City.
"We are excited about expanding in the Davao City market once again and are confident in supporting its overall economic plan. We, along with our partners, set aside an initial investment of about P8 billion, part of an expected over P20-billion investment over the next 8 years or so in Azuela Cove," said Rico Manuel, area head for Ayala Land’s Mindanao operations.
The company said the 25-hectare Azuela Cove is in a prime waterside property owned by Aviana Development Corp., a joint venture between Ayala Land and the Alcantara Group.
Ayala Land said that besides high-end residential units, Azuela Cove will also have a state-of-the-art St. Luke's Hospital, a retail center, an events tent and sports facilities.
The project is expected to draw additional investments and generate about 13,000 jobs within the next 8 to 10 years.