Property developer Ayala Land Inc. and Araneta Group of businessman Gregorio Ma. Araneta III are investing P20 billion to develop the expanded Altaraza mixed-use estate in San Jose del Monte City, Bulacan.
ALI said in a statement Monday the joint venture would infuse additional 600 hectares of prime land to form part of the Altaraza estate—envisioned to be the next growth center north of Metro Manila.
“This expansion will provide a complete and diverse range of offerings with additional residential products to cater to new market segments, as well as more commercial developments and leisure components,” ALI said.
Altaraza Development Corp., the joint venture company of ALI and Araneta Group, will invest P20 billion for the whole project.
“The overall vision for the expanded Altaraza development is to become the newest growth center in the Metro North that champions integration of diverse land uses with the thrust to preserve and enhance Bulacan’s rich ecological ecosystem for an enriched and progressive lifestyle,” it said.
Altaraza is a fully-integrated 40-hectare mixed-use estate launched by ALI in 2014. The property hosts two residential communities, a prime commercial district, Waltermart Altaraza, 105-bed QualiMed hospital and schools including the STI Academic Center and Colegio de San Agustin San Jose Del Monte.
ALI said the commercial value of lots in Altaraza jumped by 200 percent, while the value of residential units rose 7 percent to 10 percent over the past eight years because of its strategic location and rapid growing community.
The Araneta Group owns a huge land bank in San Jose del Monte.
The group signed a deal with Sta. Lucia Land Inc. in 2019 to develop 300 hectares of its landholdings in Bulacan as an annex of the Colinas Verdes subdivision project.
ALI last week launched its 48th estate development in Lipa City, Batangas. The 92-hectare property, called Areza, will have a mix of residential, commercial and office developments.
ALI will spend P9.8 billion over the next 15 years to develop Areza.
ALI said third-quarter net income grew 107 percent to P5.26 billion from P2.54 billion in the same period last year as mall and residential businesses started to recover.
The company said third-quarter revenues climbed 39 percent year-on-year to P33 billion with property development and commercial leasing growing by 21 percent and 84 percent, respectively.
The developer’s nine-month consolidated net income went up 55 percent to P13.3 billion from P8.58 billion it registered last year as revenues increased 19 percent to P86.3 billion from P72.6 billion.