Ayala Land unit in JV with foreign firm for a $220-M project in China

ABS-CBN News

Posted at Aug 03 2010 03:55 PM | Updated as of Aug 04 2010 12:16 AM

 

MANILA, Philippines -- Ayala Land, Inc.'s wholly-owned unit Regent Wise Investments Limited and the Sino-Singapore Tianjin Eco-City Investment and Development Co., Ltd. (SSTEC) signed an equity joint venture deal for a $220-million residential project in China.

Ayala Land President and CEO Antonino T. Aquino said on Tuesday the project involves the development of a 9.78 hectare housing project in Tianjin Eco-City.

Touted as a showcase for "green" development, the SSTEC has picked Ayala Land as one of several eco-oriented developers in the region.

The other developers involved in the project are China's Shimao Group, Japan's Mitsui Fudosan Group, Taiwan's Farglory Group, and Malaysia's Sunway Group.

"We are very pleased to have been invited to participate as a partner in this groundbreaking new development," said Aquino.

Ayala Land, through its subsidiary, will build a 19-storey residential comples at the Eco-City's start-up area.

The first phase, comprising 11 towers, will start construction by end-2010 and is expected to be completed within 20 months.

Ayala Land shares rose by 1.1% to P15.24 on Tuesday, reflecting an overall rise in the local stock market.