Property developer Ayala Land Inc. said it will initially spend P3.8 billion to develop integrated estate Habini Bay, a 526-hectare master-planned project in Misamis Oriental.
Ayala Land head for business development for Mindanao Rico Manuel said Habini Bay, which was being positioned as a new center of trade and commerce in Northern Mindanao, would be anchored by an industrial park to be managed by unit Laguna Technopark Inc.
Manuel said the development was expected to generate 2,580 jobs. Once fully operation, total employment from locators could reach 40,000, he said.
The estate is a joint venture project of Ayala Land and parent company Ayala Corp. which acquired the property in the 1960s and eventually donated 183 hectares to form part of the airport.
The property developer said the municipal government of Laguindingan planned to relocate and build a new Municipal Government Center within the estate.
Other projects include a provincial bus terminal which will provide convenient access to and from neighboring towns and cities and a technical school that supports the push for quality education in the region.
Ayala Land said a 30-meter-wide right of way along the coastline of the property connecting to the airport would allow easy access to Habini Bay’s industrial and mixed-use commercial sites, a seaport and other transport facilities.
Habini Bay will have pedestrian and bike-friendly roads to encourage a healthy modern lifestyle in an integrated and sustainable estate that Northern Mindanaoans can proudly call their own.
Ayala Land said it planned to bring to Misamis Oriental its experience and track record in building sustainable mixed-use estates.
Ayala Land’s presence in Mindanao started about a decade ago through Abreeza estate in Davao and Alegria Hills in Cagayan de Oro.
It opened Ayala Malls Centrio within the Centrio estate, also in Cagayan de Oro in 2012.
Last year, the company launched Azuela Cove, a prime waterside estate also in Davao.