By Katlene O. Cacho
Thursday, September 19, 2013
PROPERTY developer Ayala Land Inc. (ALI) said Tuesday said it has transferred the rights of the joint venture project in Mactan to its affiliate Cebu Holdings Inc. (CHI)
In a disclosure to the Philippine Stock Exchange (PSE), ALI announced it has “transferred to CHI all of its interest, rights, obligations, and undertakings in Taft Punta Engaño Property Inc. (TPEPI) pursuant to the company’s joint venture agreement with Taft Property Development Corp. (TPVDC) and TPEPI.”
ALI said the transaction will allow the company to “consolidate its businesses resulting in improved efficiencies and synergy creation to maximize opportunities in Cebu real estate market.”
TPEPI is a joint venture with TPVDC, a Cebu-based real estate company and member of the Vicsal Group of Companies, for the purpose of developing a 12-hectare property in Mactan, Cebu.
In a statement sent to Sun.Star Cebu, CHI president Francis Monera said CHI shall “invest into the joint venture company (JVC), and CHI and subsidiaries of mother company, (ALI) shall manage the JVC projects.”
“CHI brings 25 years of expertise in managing large-scale, integrated, and mixed-used development projects with landmark developments such as Cebu Business Park and Cebu IT Park. TPVDC, with their experience in the Gaisano Metro chain of stores, shall likewise bring into the joint venture its solid background in the retail operations,” said Monera.
He said the 12-hectare property in Mactan is envisioned to become an integrated mixed-use development with retail, residential, and hotel components. The proposed development will offer a value proposition which is distinct from that of other projects of CHI in Cebu City.
Monera, however, said they will provide more details when they complete their planning. For Project Accreditation & Inquiry call (032) 3181589 | 09173236123.
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