Ayala Land to develop central Philippine property

19-Jul-2011 Intellasia | Reuters | 7:01 AM

The Philippines’ top property firm, Ayala Land Inc, said on Monday it had a deal with the government of the central province of Negros Occidental to develop a 7.7 hectare (19 acre) property at an estimated cost of 6 billion pesos ($140 million).

The government will sell the firm 3.66 hectares of the government property in Bacolod City, and lease 4.04 hectares for a period of 50 years, Ayala Land said in a filing.

Ayala Land, a unit of conglomerate Ayala Corp, is looking to develop the property into an integrated mixed-use civic and commercial district.

http://www.reuters.com/article/2011/07/18/ayalaland-idUSL3E7II03920110718