Ayala Land sells 3 units to Megaworld for P902M

MANILA, Philippines- Ayala Land Inc. on Tuesday reported that it has sold three of its units to rival property developer Megaworld Corp. for P902 million. The proceeds of the sale of what Ayala Land described as non-strategic assets will be used to fund its capital expenditure program for 2008. In its disclosure to the Philippine Stock Exchange, Ayala Land did not name the three units sold to Megaworld. But ALI spokesman Alfonso Reyes told GMANews.TV that the sold subsidiaries were Stonehaven Land Inc., Piedmont Property Inc., and Streamwood Property Inc. "These are very minor subsidiaries which are jointly engaged in the operation of a public parking facility on Valero Street in Makati," he said. However, it explained that Megaworld bought the units so it can build a mixed-use project on property owned by the subsidiaries. In a separate disclosure, Megaworld said the property in Salcedo Village, Makati City is currently being used as a parking lot. Megaworld will also provide additional 214 public parking slots to replace the present public parking facility. - GMANews.TV