The joint venture company of property developer Ayala Land Inc. and the Alcantara group earmarked P20 billion to develop Azuela Cove, a mixed-use estate in Lanang, Davao City.
Ayala Land said in a statement the 25-hectare Azuela Cove is situated in a prime waterside property owned by Aviana Development Corp., the two groups’ joint venture company.
“We are excited about expanding in the Davao City market once again and are confident in supporting its overall economic plan. We, along with our partners, set aside an initial investment of about P8 billion, part of an expected over P20 billion investment over the next eight years or so in Azuela Cove,” said Ayala Land head for Visayas and Mindanao Rico Manuel.
The first phase of the project will include a high-end residential building to be developed by Ayala Land Premier, a state-of-the-art St. Luke’s Hospital, a retail center, an events tent with a capacity of 2,000 people and interim sports facilities.
The integrated development is expected to draw additional investments and generate about 13,000 jobs within the next eight to 10 years.
Ayala Land entered Mindanao in 2007 with the launching of residential community Alegria Hills in Cagayan de Oro City. This was followed by the opening of Abreeza Mall in Davao City in 2011.
It opened Centrio Mall, also in Cagayan de Oro in 2013, supporting the company’s plan to establish economic growth centers in Mindanao.
Ayala Land said it continued to strengthen its regional presence with the construction of residential and commercial projects in its estates in the Visayas and Mindano.
Among its projects in the southern part of the country are the 50-hectare Cebu Business Park, the 17-hectare estate Gatewalk Central in Mandaue City, the Capitol Central and North Point in Negros Occidenta and Atria Park District in Iloilo.
“For economic growth to be truly felt by more people, real estate developments should expand beyond Metro Manila. We see this shift as a positive development and Ayala Land is committed to contribute to the transformation and progress through its projects in the Visayas and Mindanao,” Ayala Land Visayas-Mindanao chief operating officer Aniceto Bisnar Jr. said.
Ayala Land said of its 22 estates, 13 are now situated outside of Metro Manila, including eight in the Visayas and Mindanao.
“We plan to launch three more estates soon,” said Bisnar.