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NEWS UPDATES 20 October 2009

Philippines property giant sets up foothold in Subic     

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Philippines’ Ayala Land Inc has gained a foothold in the Subic Bay Freeport with a recent deal to lease and develop a 7.5-hectare government property at the heart of the Subic central business district, reported Philippine Daily Inquirer.

The company expects to pump in about 3 billion peso (1$=48 peso) in total investment into the new venture in Central Luzon, which is a diversification from its traditional hubs in urban Metro Manila and Southern Luzon.

The company has signed a 50-year lease agreement with the Subic Bay Metropolitan Authority for the development of a property along Rizal Highway within the Subic Bay Freeport, located between the two main gates linking the freeport zone to Olongapo City.

“With a total investment of approximately P3 billion, including investments generated from the project’s multiplier effect from retail, office and hotel locators, the project is expected to create about 10,000 new jobs from construction phase to operations,” ALI deputy compliance officer Alfonso Javier Reyes disclosed to the Philippine Stock Exchange on Monday.

For the new project, the company envisions an integrated mixed-use, master-planned community that will include a shopping mall, business process outsourcing office building and hotel.

“This development is part of the company’s strategy to establish growth centers in various parts of the country,” Reyes said.

“The company’s development will be a catalyst for growth in the Subic-Olongapo corridor and will be a major mixed-use project in the Subic Freeport Zone that is well-planned, integrated and environmentally sustainable,” he added.


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