GT Capital Holdings Inc. and Ayala Land Inc. (ALI) have signed a joint venture deal to develop a 45-hectare township along Laguna Boulevard in Biñan, Laguna.
GT Capital subsidiary Federal Land Inc. and ALI’s Alveo Land Corp. would develop a “masterplanned residential community” and the project would entail forming a new company, said Robert Lao, Alveo Land President.
“Yes, it is a 50-50 joint venture with Federal Land. The agreement will form a joint venture company which will develop the whole project,” Lao said in a phone interview.
“We’re not in the planning stage yet, but we’re targeting to launch it early next year. We see that the funding will come from internally generated funds according to our spending plan this year,” he said.
Federal Land president Alfred V. Ty said the joint venture will “deepen our involvement in horizontal property development, inasmuch as the historical focus of Federal Land was mostly on high-rise condominium projects.”
“In tandem with Alveo’s proven expertise and track record, we expect to provide much-needed quality homes in a secure, well-planned, and efficient community that will benefit not only the city of Biñan but other nearby areas of Southern Luzon as well,” Ty said.
“We are fortunate to be working with one of the most reputable developers in the country, as this is a project that will reflect our shared vision of improving quality of life,” Lao said. “Being rooted in Ayala Land’s heritage of real estate excellence, Alveo Land has always aimed to create an extensive portfolio of holistic communities attuned to the needs of a dynamic, urban lifestyle.”
The future township is accessible from Makati central business district (CBD) via South Metro Manila Skyway and the South Luzon Expressway. It is near De La Salle University Science and Technology Complex and the Ayala Laguna Technopark.
GT Capital said it is also a few kilometers away from the planned Laguna Boulevard interchange of the proposed Cavite-Laguna Expressway (Calax), and in the general vicinity of ALI’s Ayala Westgrove Heights and NUVALI projects.
Alveo targets P35 billion to 40 billion worth of project launches for the whole year of 2015, of which six projects out of the planned 10 projects this year will be launched in the first six months of 2015. This target is an increase from the nine projects worth P33 billion launched last year.
Alveo has 36 existing projects in 10 locations, mostly CBDs in Metro Cebu and in the provinces of Cebu, Davao, Pampanga, Cavite, Laguna and Tagaytay City.
Alveo is the upscale and high-end residential and commercial offices brand under the Ayala property umbrella. It is also involved in luxury market (Ayala Land Premier), middle market (Avida Land Corp.) and in economic housing (Amaia).
Federal Land is involved in the development of high rise condominium projects under the Ty Group of Companies via holding firm GT Capital.