Ayala Land, Anflo group sign joint venture pact for Cagayan de Oro complex

MANILA, Philippines - Ayala Land Inc. signed a joint venture agreement with Anflo Management & Investment Corp. and Mindanao Motors Corp. (“the Anflogroup”) last Feb. 18, 2010 for the development of a 3.2-hectare property along CM Recto at the heart of Cagayan de Oro’s economic hub. Identified as a high growth area, Cagayan de Oro is a trade and commercial center serving as a transport hub for Northern Mindanao.

In 1997, the Ayalas and the Floirendos also sealed a partnership to develop The Regency at Salcedo, a residential condominium in Makati City, and later in 2007 a mixed-use development in Davao City called Abreeza.

With this proven partnership and Ayala Land’s unmatched experience in world-class real estate developments, the project is envisioned to be an integrated mixed-used development that will dramatically change Cagayan de Oro’s urban landscape. This is in line with Ayala Land’s strategy of establishing well-planned mixed-use communities in growth centers in various parts of the country.

The centerpiece of the development will be a shopping mall that will offer basic conveniences addressing the everyday needs of the city, as well as unique, dining, entertainment, and retail concepts that will serve not only the immediate communities but also tourists and transients.

With a total initial investment of approximately P2.5 billion, the project is expected to spur growth and create about 10,000 new jobs.