Tuesday, 27 April 2010

Ayala Land Inc. partners with El Nido to open new resort by mid-2011

Miguel R. Camus
Business Mirror
http://www.businessmirror.com.ph/index.php?option=com_content&view=article&id=24562:ayala-land-inc-partners-with-el-nido-to-open-new-resort-by-mid-2011&catid=24:companies&Itemid=59

REAL estate giant Ayala Land Inc. (ALI) is making good on its plan to grow its tourism portfolio, disclosing on Monday a new partnership with a veteran resort operator in Northern Palawan.

In a filing with the local stock exchange, Ayala Land said it is setting up a joint venture with Asian Conservation Co.

To be 60-percent owned by Ayala Land, the venture is in line with the company’s intent to develop “responsible tourism destinations” in the area.

Asian Conservation, through its subsidiaries under the Ten Knots Group, owns and operates the high-end El Nido Resorts in Lagen and Miniloc Islands.

Ayala Land said the partnership would serve as a vehicle to start new developments in Palawan.

In particular, a company spokesman said the venture is now focusing on a new “high-end” El Nido resort in Pangulasian Island, which was targeted to open by mid-2011.

“We are excited to have Asian Conservation as our new partner, not just for their unique experience in managing island-resort properties, but also for their strong adherence to a quadruple bottom line approach in preserving the environment around their resort properties,” said Antonino Aquino, Ayala Land president and chief executive officer.

Ayala Land first ventured into the resort and leisure segment with Anvaya Cove, a premiere residential enclave and resort in Morong, Bataan. The company quickly followed this with a similar development called Amara in Cebu.

“We are pleased to have ALI as our strategic partner, given their strong corporate philosophy on sustainability and their proven track record of building world-class real estate projects,” said Vicente Perez, chairman of Asian Conservation.

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