MANILA, Philippines — Property giant Ayala Land Inc. (ALI) is allotting the P2.7 billion proceeds from the recent sale of shares of AREIT Inc. to the development of three ongoing projects in Metro Manila.
Last week, ALI sold 75 million common shares of AREIT at P36.2 apiece in a fresh round of block sale, allowing the company to raise a total of P2.7 billion.
Under its reinvestment plan submitted to the Philippine Stock Exchange, ALI said the proceeds would be invested in residential and commercial developments comprising one office building, one residential development and one hotel building in Metro Manila.
ALI said it is spending P1.18 billion for the development of the Mandarin Oriental, a 276-room hotel project set for completion by 2026.
ALI said the project has a 57 percent completion rate at present.
The company is also investing P1.04 billion for the redevelopment of the BPI headquarters, which is targeted for completion by 2029.
The BPI headquarters is a 45-story office building in Makati.
The property giant is spending the remaining P478 million for the ongoing development of Arbor Lanes, which is a five-block residential development.