Ayala Land to invest $1.68bn on mixed-use project in Philippines

23 September 2014 (Last Updated September 23rd, 2014 18:30)

Philippines-based property developer Ayala Land is investing PHP75bn ($1.68bn) in developing a new mixed-use real estate community in Porac, Pampanga in Philippines.

Philippines-based property developer Ayala Land is investing PHP75bn ($1.68bn) in developing a new mixed-use real estate community in Porac, Pampanga in Philippines.

Named Alviera, the project is a 55:45 joint venture between Ayala and Leona Land, which owns the property.

The Alviera project will cover the 1,100ha property the in Porac municipality of Pampanga province near Manila.

Construction works on Alviera are planned to be undertaken in phases and expected to continue for 20 years.

"The project includes the construction of 20,000 residential units, hotels, shopping centres, a hospital, offices, commercial lots and a new Forbes Park in Pampanga."

Under the first phase of construction, Ayala plans to invest PHP8bn ($179.9m) to build 30ha industrial park, 1,500 residential units, a country club and two universities. The company aims to complete the first phase in the next five years.

The entire project includes the construction of 20,000 residential units, hotels, shopping centres, a hospital, offices, commercial lots and a new Forbes Park in Pampanga, where each lot will measure around 1,000m².

In addition, it calls for the development of two new schools, Holy Angel University and Miriam College.

According to Ayala Land vice-president Anna Margarita, the project would provide homes for approximately 65,000 people and generate jobs for 20,000 workers during the construction.

In addition to the Alviera project, Ayala Land was also involved in other major projects such as the 1,800ha Nuvali project in the Laguna province.