Property giant Ayala Land Inc. (ALI) is forming a joint venture with local conglomerate LT Group Inc. (LTG) to develop a township along the C5 corridor.
Separately filing the same disclosure letter to the Philippine Stock Exchange, the two companies said the project is envisioned to be a 35-hectare integrated mixed-use development that spans portions of Pasig City and Quezon City.
“The ALI-LTG partnership will co-develop the project pursuant to a joint master plan,” the two firms said.
ALI President and Chief Executive Officer Bernard Vincent Dy expressed his optimism over the partnership.
“This partnership will allow us to combine our capabilities towards the development of a 35-hectare integrated mixed-use project in one of the most prime locations in Pasig and Quezon City,” Dy said. “Our shared vision and commitment to this project will open new opportunities for economic growth, which will contribute to the development of the community.”
“We are very pleased to be entering into a joint venture with ALI,” LTG Chairman Lucio Tan said. “This project will be a perfect addition to the growing portfolio of Eton
Properties Philippines, Inc., the property development arm of LTG. We believe that this is an excellent partnership that will enable us to build an outstanding mixed-use development, which will offer a wide range of property investment and lifestyle options to customers.”
ALI and LTG will co-develop the project The ALI-LTG partnership will co-develop the project pursuant to a joint master plan.