Property developer Ayala Land Inc. said it may break ground for a 35-hectare mixed-use project along C5 Road in Pasig City in joint venture with LT Group of tycoon Lucio Tan within the year.
Ayala Land senior vice president and head of strategic lank bank management group Meean Dy said the joint venture partners might initially launch projects such as office or retail developments, which would generate recurring income.
Dy said there were no existing structures within the C5 property, which would enable the partners to easily develop the project.
“We have some initial plans together with our joint venture partner. We will get into a more detailed master plan but the property is ready for development,” Dy said.
“Maybe we could start with leasing business, either office or mall development,” Dy said.
Ayala Land and LT Group signed an agreement in January to jointly develop the 35-hectare lot along the C5 corridor.
The project, a 50:50 joint venture between the two firms, is envisioned to be a township development that spans portions of Pasig City and Quezon City.
Both companies said they would co-develop the project pursuant to a joint master plan.
Ayala Land earlier said the joint venture partnership with LT Group would combine their capabilities towards the development of a 35-hectare integrated mixed-use project.
LT Group said the partnership would be an excellent addition to the growing portfolio of property unit Eton Properties Philippines Inc.
This is the third partnership between Ayala Land and LT Group.
LT Group’s Eton Properties teamed up with Ayala Land’s mass housing arm Amaia Land Corp. in 2010 to develop a four-hectare property in Calamba Laguna.
Ayala Land through its middle-income housing unit Avida Land also tied up with Eton Properties in 2011 to develop a four-tower residential condominium along Edsa at the corner of Reliance Street in Mandaluyong City.
LT Group’s Eton Properties has an extensive land bank in strategic locations all over the country. It specializes in high-end and mid-income high-rise and horizontal residential developments, office projects, commercial centers and mixed-use township developments.
Eton Properties has 26 projects under its wing and has completed seven high-rise condominiums, one mid-rise development, three residential subdivisions, two commercial centers, one events venue and three business process outsourcing hubs.