Ayala Corp, LT Group to launch joint proj by Q3

MOSCOW – Ayala Corp. and the LT Group Inc. (LTG), two of the country’s biggest conglomerates, are now looking to launch in the third quarter their biggest joint project to date, a mixed-use 35-hectare estate development along the C-5 corridor, spanning the cities of Quezon City and Pasig.

The project is a 50-50 joint venture between Ayala Land Inc. (ALI) and LTG’s Eton Properties.

On the sidelines of the Philippines-Russia Business Forum held here, ALI president Bernard Dy told The STAR the project would be the third real estate project that ALI would launch this year.

“We will launch it in the second half. We are looking at third quarter,” Dy said.

ALI is the property development arm of the Ayala Group while LTG is the holding company of taipan Lucio Tan for his investments in airlines, tobacco, alcoholic beverages, banking and property.

ALI has already launched Evo City in Cavite and will soon launch another estate in Davao.

The third will be the ALI-LTIG estate, which spans both Quezon City and Pasig.

Initially, proponents were targeting to launch in the first half of the year but Dy said they are still working on some permits.

The mixed-use project is envisioned to be the greenest waterfront development in eastern Metro Manila with more than 50 percent of open space comprising of pocket parks.

“There will be lots of green spaces,” Dy said.

The plan also includes the construction of “an iconic bridge” over the famed Marikina River to connect both parcels of the estate in the two cities.

The sprawling 35-hectare project is comprised of a 30-hectare property in Pasig, which is owned by LTG’s Eton and a five-hectare land in Quezon City owned by ALI. It is accessible from Amang Rodriguez in Pasig and C-5 in Libis, Quezon City.

The estate’s gross floor area (GFA) is estimated at 1.77 million square meters.

It will be developed in at least two phases with the first phase to be launched starting in 2017 to 2021.

Dy said the launch of the second phase would depend on the take up of the projects in the first phase.

ALI is optimistic on the prospects of the project, saying the country’s strong economic growth has been supportive of both the property and tourism industries.

In a disclosure announcing the deal early this year, Tan, chairman of LTG, said the project would be a perfect addition to the growing portfolio of Eton Properties.

“We believe that this is an excellent partnership that will enable us to build an outstanding mixed-use development which will offer a wide range of property investment and lifestyle options to customers,” Tan said.