Anvaya Cove, a joint venture between Ayala Land Inc. (ALI) and Subic Bay Development & Industrial Estate Corp. (Sudeco), hopes to raise between P1.07 billion and P1.6 billion from the offering.
The shares to be offered consist of 1,950 Class B shares and 500 Class C shares. Each Class B share shall entitle the holder to one usage right while Class C shares shall be entitled to two usage rights and may be held by a corporation, partnership or association.
The Class B shares are estimated to cost P510,000 each while the Class C shares will be sold at P850,000 per share.
Anvaya Cove is a high-end residential resort community that will rise on a 320-hectare property in Morong, Bataan. It marks ALI’s first venture into leisure development.
Proceeds from the offer shall accrue to selling shareholders ALI and Sudeco. Sudeco, owned by businessman Carlos de Leon, will provide the land while ALI shall develop the project which is envisioned as a tourist attraction with the imminent conversion of the property into a world-class resort.
The masterplan for this development includes a beachclub, a nature camp and set of trails, a resort-spa complex, a water sports pavilion, a recreational lagoon for boating and fishing and a chapel. ALI will spend around P3.2 billion for the initial development phase.
The project, located a few minutes away from the southern gate of the Subic Bay Metropolitan Authority, will be developed over a period of five to 10 years.
The other clusters will comprise the development of residential units or vacation homes with lots priced at between P6,000 and P10,000 per square meter.
The development of Anvaya Cove is in response to customers’ growing desire for high-quality leisure products, primarily weekend and holiday residences in a resort setting. It is also in line with ALI’s strategy of Expanding its presence in under-penetrated segments.