Ayala Land,  AboitizLand team up anew in Cebu property development

Ayala Land Inc. and AboitizLand Inc. are into a new joint venture to buy and develop properties in Cebu.   The 50-50 joint venture is in line with its growth strategy of establishing more developments in major urban areas of the country, Ayala Land noted in a disclosure to the Philippine Stock Exchange on Wednesday. Cebu is one of the most progressive metropolitan areas outside Metro Manila.   “Through this joint venture, the company expects to generate synergies by combining the experience of AboitizLand in developing diverse real estate products in Cebu, with Ayala Land’s expertise in building a full range of real estate formats including large-scale, integrated, mixed-use communities,” according to Ayala Land.   This is not the first partnership entered into by both developers. They are also jointly bidding for the P17.5 billion Mactan-Cebu International Airport rehabilitation project which aims to reducing waiting time within the passenger terminal.   The project, which gives the winning bidder a 20-year operating and maintenance concession, involves the construction of a world-class passenger terminal building with the capacity to process eight million passengers a year. — VS, GMA News