Ayala Land seeks partners for FTI devt

By Miguel Camus, BusinessMirror

Posted at Nov 05 2012 06:54 AM | Updated as of Nov 05 2012 02:54 PM

MANILA, Philippines - Property giant Ayala Land Inc. (ALI) may get partners to help develop the 74-hectare portion of Food Terminal Inc. (FTI) it won through a government auction in August, in line with its strategy in developing other massive projects.

ALI President Antonino Aquino said in a text message last week that the firm has already received “a number of inquiries for participation” in FTI.

“We are still evaluating these options,” he said.

ALI has partners for its projects involving large amounts of land, which helps mitigate its exposure and risk.

It is developing the 1,860-hectare Nuvali property in Laguna with the Yulo family, while the 240-hectare “Bonifacio Global City” in Taguig City is being developed through a partnership with the Campos family and the state-run Bases and Conversion Development Authority.

In Quezon City, ALI is building a new 29-hectare business district named Vertis North in partnership with the National Housing Authority.

Aquino did not say which groups have expressed their interest.

ALI submitted in August a winning bid of P24.3 billion for FTI, beating rivals Robinsons Land Corp. and Empire East Land Holdings Inc. It made the initial payment of P19.46 billion to the government last week, according to ABS-CBN news; the remainder is due next year.

ALI said it plans to turn FTI into a new southern business district similar to Makati City, Bonifacio Global City and Cebu Park District. ALI is preparing to announce the next of six districts it plans to redevelop within its own backyard in Makati. Last week Aquino said key portions of the P28.5-billion new Ayala Center would be opened by year-end.