MANILA, Philippines - Amaia Land Corp., the low-cost housing arm of Ayala Land Inc. (ALI), inked yesterday a memorandum of agreement with Gatchalian-led Philippine Estates Corp. (PHES) for the development of a property in Cavite into a residential subdivision.
PHES, the property development arm of plastics king William Gatchalian, owns the land while Amaia will be the developer of the project.
This will be the second joint venture between ALI and the Gatchalian family. Middle-income housing unit Avida Land Corp. signed in May a deal to develop the Gatchalians’ 60-hectare property in Valenzuela City, which formerly housed the country’s biggest fully-integrated plastic manufacturing plant, into a mixed-use center.
The property will be developed into a residential, business and/or commercial condominium and/or subdivision project.
The Gatchalian Group has long been searching for a strategic partner to convert its huge estate in Valenzuela into a modern mixed-use complex to maximize the untapped potential of the property.
The property used to house the warehouse facilities of Plastic City Industrial Corp. and Philfoods Inc. until the two firms ceased operations in 2002 due to losses.
The Gatchalians said the property is seen to contribute significantly towards the group’s maximum operation and financial position due to its encouraging prospect.