Ayala Land still waiting for Ortigas family's decision
MANILA, Philippines - Will it be the Ayala group or SM group that will get the Ortigas property business?
Ayala Land Inc. (ALI) president Antonino Aquino said the property giant is still waiting for the two factions of the Ortigas family to make a decision.
In an interview with ANC on Thursday, Aquino said the matter is still in the "process of discussions."
"As you know that is something that involves the two families. We would have to wait until after the families have come together," he said.
There has been a stalemate for months after the Ortigas family split, with one faction siding with the Ayala group and the other with the SM group.
Last August, Ayala Land Inc's board of directors approved a strategic alliance with the group led by Ignacio R. Ortigas. The deal will pave the way for Ayala's entry into OCLP Holdings, the parent company of Ortigas & Co. Ltd.
Prior to the deal with ALI, the SM group had offered to buy Hong Kong Shanghai Banking Corp.'s (HSBC) 34% stake in the Ortigas company for P11 billion
Meanwhile, Ayala Land is planning to boost its land acquisitions through 2013.
"We're so much encouraged by the present economic situation that we have... I have never seen the stars so aligned, relative to practically all fronts. As a consequence, we intend to be able to bulk up further in terms of land acquisitions and then to make sure we will execute various products in each of these growth centers. We are in residential, office, retail and hotel segments and you are seeing us active in all segments," Aquino said.
On Wednesday, Ayala Land's Avida Land signed a deal with the Gatchalian family to develop 17 hectares of the Plastics City property in Valenzuela. Gatchalian's Philippine Estates Corp. also signed a memorandum of agreement with Ayala's low-cost unit Amaia Land to develop its property in Cavite.