Ayala to spend P6B in 1st stage of Laguna project

Ayala Land Inc., the largest property developer in the country, on Thursday said it is spending some P6 billion for the first phase of a mixed-use complex development project in Laguna – its biggest development project thus far. In a disclosure to the Philippine Stock Exchange, Ayala Land said it has allocated some P6 billion for its Nuvali Project, a mixed-use complex which will occupy a 1,600-hectare land area in Laguna. “Total budget for the first phase of Nuvali is close to P6 billion. Of this amount, P2.5 billion is earmarked for the residential projects, while balance is for infrastructure, retail and BPO (business processing outsourcing) buildings," Ayala Land stated in its disclosure. “For 2007, P200 million is budgeted for the initial residential development," it added. Earlier, Jaime Ayala, Ayala Land president said: “This is a big project. It could take decades before we finally see its completion." The Phase 1 of the development, which started mid this year, includes the construction of high-end, middle-income and affordable residential projects, and a business process outsourcing campus. It also includes the construction of a visitors' center, a school and recreational areas such as the multi-functional lake, parks and jogging paths. Miriam Katigbak, Ayala Land's head of strategic landbank management, noted that the company's three brands were allocating some P2.5 billion for the initial residential projects alone. On the other hand, Yulo-owned companies Ceci, Vesta and Aurora had spent some P1 billion for the road building and initial infrastructure in the area. Nuvali is about eight times the size of the Makati Central Business District. The property was acquired by Ayala Land from the Yulo family in 1993 at P250 per square meter. Officials noted that the Nuvali project will combine the latest green building technology with sustainable urban planning, architecture and construction practices.- Cheryl Arcibal, GMANews.TV