Ayala Land Inc. (ALI) and the LT Group Inc. (LTG) are developing an integrated mixed-use township along the C-5 corridor.
The development encompasses a 35-hectare property spanning portions of Pasig City and Quezon City.
In separate disclosures to the Securities and Exchange Commission and the Philippine Stock Exchange released on Friday, both companies noted the project will offer a wide range of property investment as well as new economic opportunities.
Ayala Land and the LT Group have forged a partnership for the project. Fernando Zobel de Ayala, chairman of ALI, and Lucio Tan, chairman of the LT Group led the contract signing for the partnership.
“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,” said Bernard Vincent O. Dy, ALI president and CEO.
“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 added.
The partnership will co-develop the project based on a joint master plan.
Dr. Lucio C. Tan, Chairman of LTG, likewise expressed enthusiasm for the joint venture.
“We are very pleased to be entering into a joint venture with ALI. This project will be a perfect addition to the growing portfolio of Eton Properties Philippines Inc., the property development arm of LTG,” said Tan.
“We believe that 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 added.