Ayala, SM, Megaworld eye tie-up with Albay company

MANILA, Philippines - Real estate and mall developers Ayala Land, Megaworld and the SM Group are exploring a possible partnership with Misibis Land Inc. for the development of the Embarcadero retail and ICT complex in Legazpi, Albay.

This was revealed to The STAR by Bicolano businessman Elizaldy S. Co whose real estate arm, Misibis Land, is investing P1.6 billion to develop the 51,000 square meter Embarcadero fronting Albay Bay and with a commanding view of the famous Mayon Volcano.

No less than Ayala Land, Inc. chairman Fernando Zobel and ALI president Antonino Aquino, Co said, visited Legazpi three weeks ago for an ocular inspection of the Embarcadero and the Misibis Resorts, Estates and Spa on Cagraray Island which is a 20-minute ferry ride across the bay.

The Ayala Group is eyeing a comprehensive joint venture development deal, according to Co. 

Likewise, officials of the SM Group have initiated talks about the possibility of leasing a portion of the Embarcadero, possibly to put up a SaveMore supermarket. 

On the other hand, Co admitted, Kevin Tan of Megaworld had also informally expressed interest in talks regarding a possible joint venture development of the Embarcadero.

Co has not sealed a final deal with any of the three groups and talks are still continuing.

Co’s retail and ICT mall in Legazpi City has been tagged as the Embarcadero with a total of 51,000 square meters of which 31,000 square meters is for the first ever call center operations in Legazpi and 20,000 square meters for a shopping mall.

The current global economic recession, Co admitted, has put on hold the plans of some call centers to put up operations at the Embarcadero, but retail space investments are continuing with about 80 percent of the space already pledged or under construction.

The Embarcadero is also the take-off point of a ferry service to the upscale Misibis Resorts, Estates and Spa.

Aside from his real estate, retail and leisure developments, Co is also set to develop some $300 million worth of renewable energy projects in Antique and Catanduanes involving hydro-power, solar and windpower under his Sunwest Water and Electric Co. Inc. (SUWECO).