Ayala unit acquires P2.2-B land in Nueva Ecija

CABANATUAN CITY – A subsidiary of the Ayala Group of Companies has acquired an 87-hectare property here at a cost of P2.2 billion to house an industrial park, commercial spaces and residential community.

Mayor Jay Vergara told The STAR that Laguna Properties led by Manuel Colayco, has bought the Rivera property in Barangay Sta. Arcadia for the purpose of putting up medium- and high-cost housing projects and small factories.

Vergara said that the cost of the land in the area, which is a few kilometers away from the central business district, is at P2,600 per square meter.

Vergara said that the industrial park will showcase warehouses and cold storage facilities. He said that the entry of Laguna Properties in the city is a strong indication that it is now attracting the interest of big-time investors.

"The fact that a premier land developer identified with the Ayala Group is putting up their business here means investors are beginning to trust us," he said.

The entry of the Ayala Group, Vergara said, will not only further spur economic development but will also create jobs because industrial parks are labor-intensive. The city has no industrial park yet where hundreds, even thousands of local residents may be employed.