MANILA, Philippines - Ayala Land Inc.'s subsidiary Avida Land bought a 6.6-hectare property in Muntinlupa, as it seeks to boost its expansion in southern Metro Manila.
ALI is looking at developing the property, which is the site of a former Nestlé coffee factory, as a residential development with commercial and office leasing facilities.
The property will add to ALI's developments in the south such as Ayala Alabang Village, Avida Towers Alabang, and Alabang Town Center.
"We are always on the look-out for opportunities that will allow us to grow geographically... This move allows us to offer our products to a bigger market and provide more Filipinos the ability to experience living in sustainable Ayala Land communities," said Jaime E. Ysmael, ALI chief finance officer.
ALI did not disclose the purchase price for the Muntinlupa property. Earlier, ALI said it allocated P8 billion for new land acquisitions this year, as it intends to expand its presence around the country.
The property giant launched Harbor Point in the Subic Bay area, in addition to the Marquee Mall and Marquee Residences in Angeles, and Avida Residences in San Fernando, Pampanga. It also continues to invest in southern Luzon to complement its NUVALI community.
ALI has also identified new areas for development in Iloilo, Bacolod and Negros Occidental, while in Mindanao, it is constructing its Centrio development in Cagayan de Oro and expanding the Abreeza development in Davao.