For mixed-use complex at Pasig-QC border ALI ties up with LT Group

MANILA, Philippines - The Ayala and Lucio Tan groups have teamed up to jointly develop a 35-hectare township along the C5 corridor.

In separate disclosures to the Philippine Stock Exchange (PSE) yesterday, Ayala Land Inc. and LT Group Inc. said the project, which  spans portions of Pasig and Quezon City, would be developed pursuant to a joint master plan.

ALI is the property arm of the Ayala Group while LTG is the holding company of taipan Lucio Tan for investments in airlines, tobacco, alcohol, beverages, banking and property.

Bernard Vincent Dy, president and CEO of ALI, said the partnership would combine the expertise of the two groups.

“We look forward to a successful partnership with the LT Group. This partnership will allow us to combine our capabilities towards the development of a 35-hectare integrated mixed-use project in one of the most prime locations in Pasig and Quezon City.

Our shared vision and commitment to this project will open new opportunities for economic growth, which will contribute to the development of the community,” Dy said.

Tan, chairman of LTG, likewise welcomed the partnership, saying it would boost Eton’s growing portfolio.

“We believe this is an excellent partnership that will enable us to build an outstanding mixed-use development which will offer a wide range of property investment and lifestyle options to customers,” Tan said.

ALI earlier said it would spend P85 billion to P90 billion for capital expenditures this year. 

The company is also on the lookout for expansion opportunities in the ASEAN region.

In the nine months ended September 2015, ALI posted a net income of P12.8 billion, up 19 percent year on year.

Eton, on the other hand, reported a 203 percent jump in net income in the first nine months of 2015 to P196.81 million, driven by robust income from its leasing operations.