Ayala Land mulls Iloilo, Cagayan de Oro projects

Ayala Land Inc, the Philippines largest property developer, said it is considering Iloilo and Cagayan de Oro cities for new residential projects. The projects would be among developments for which it will spend P16.2 billion this year, said the company’s chief finance officer, Jaime Ysmael. The Philippines premier builder this year will begin construction on 10 buildings in University of the Philippines property in Diliman, expand Ayala Center mall in Cebu, open a portion of Greenbelt 5 in Makati City and soft-open the North Triangle Mall (Trinoma) in Quezon City. “We are also starting the construction of a mall in Angeles City in Pampanga. The project will be a mixed-use project and will have a residential component," Ysmael told reporters at the sidelines of a Financial Executives Institute of the Philippines event. The Angeles City project will occupy 20 hectares. “It will probably combine the features of Greenbelt, Glorietta and Market Market," Ysmael said. As for Trinoma, Ysmael said the company is optimistic that it will perform well, noting that nearby SM City North Edsa has been the best performing mall of the Sy-led SM Group. “The lease prices for the mall are even higher than what we expected. We believe that that part of Quezon City will be able to accommodate two large malls because people all the way from Bulacan are attracted to that area," he said. -GMANews.TV