ALI, PNB tie up for P6-billion Mandaluyong project

MANILA, Philippines - Avida Land Corp., a wholly-owned unit of property giant Ayala Land Inc., (ALI) has forged an agreement with tycoon Lucio Tan’s Philippine National Bank (PNB) to jointly develop a 2.3-hectare property along EDSA in Mandaluyong City into a residential enclave estimated to cost P6 billion.

In a disclosure to the Philippine Stock Exchange, ALI said PNB will contribute the property which is located on EDSA corner Reliance and Mayflower Sts. in Mandaluyong City. 

Avida will be tasked with developing and marketing the project, consisting of up to eight residential towers. Construction of the first tower will begin in 2011 and is slated for completion within three-and-a-half years.

“This project is part of Ayala Land’s planned expansion into attractive growth centers within and outside Metro Manila,” ALI said.

Like Avida’s other projects, this will be accessible to main roads, public transportation, schools, hospitals and different business establishments. Among its proposed amenities and features are adult and kiddie siwmming pools, a children’s play area, garden and clubhouse with a function hall. 

Avida is targeting young professionals and start-up families working or doing business in Mandaluyong, Pasig and even Makati. 

This is the second deal forged by the Ayala Land Group and the Lucio Tan Group of Companies. Just last week, ALI entered into an agreement with Eton Properties Philippines Inc. for the development of a four-hectare property in Laguna into a socialized housing subdivision.

The property to be developed by Ayala-led Amaia Land Corp. will form part of the Amaia Scapes Laguna. Estimated to cost P1 billion, Amaia Scapes Laguna will offer a total of 1,828 house and lot units at prices ranging from P600,000 to P1.2 million each.

Industry experts see more promise in the largely-untapped affordable housing segment as evidenced by the shift being made by big real estate players. This sector of the market currently accounts for 34 percent of the more than 17 million households nationwide.

The housing backlog, on the other hand, is estimated at between 3.8 million and 4.2 million.

Amaia Scapes, which will rise on a 19.6-hectare lot in Calamba, Laguna, is scheduled to be launched this month and has already attracted a lot of interest from prospective homebuyers.

The initial phase of Amaia Scapes will involve the development of 534 units, which are expected to be turned over to homebuyers before Christmas.

The units will be available to families that have a combined salary of P20,000 to P50,000 a month and a for a minimum monthly amortization of only P4,000.