MANILA, Philippines - Property giant Ayala Land Inc. (ALI) has secured a portion of the 2,000-hectare property of IRC Properties Inc. in Binangonan, Rizal.
The property will be developed into a housing project of ALI’s low-cost housing brand Amaia, officials said.
Amaia Land Corp. president Ricky M. Celis said ALI’s Strategic Landbank Management Group has purchased the 20-hectare lot as part of the transaction with IRC Properties.â€
ALI president and CEO Antonino T. Aquino said Amaia will put up housing units in property.
Last year, ALI started negotiations with the Peña Sy family’s IRC Properties, which owns about 2,200 hectares of land in Binangonan.
The deal gives ALI presence in Binangonan while IRC Properties stands to secure a strong partner for its large landbank.
Under the plan, IRC Properties intends to sell 50-100 hectares of the Binangonan property, with the remaining landbank up for joint venture deals.
The creation of more housing projects in the Binangonan property will depend on the results of ALI’s technical due diligence.
Listed IRC Properties earlier reclassified several parts of the property into commercial and residential lots. It also sacrified some potential commercial area to create wider roads ahead of a large development in the area.
IRC Properties is the company behind the Sunshine Fiesta community project in Rizal province. In September, IRC Properties sold a 183,729-square-meter portion of its vast property in Southern Luzon to Filipino-Chinese developer Hundred Lake Development Corp. for P87.27 million.