Thursday, 5 August 2010

Ayala Land goes to China

by Jenniffer B. Austria
Manila Standard

Ayala Land Inc., the country’s biggest property company, will develop a 9.78-hectare property in Tianjin Eco-City in China for $220 million into a residential complex, its first in the world’s largest market.

Ayala Land said in a disclosure to the stock exchange that wholly-owned unit Regent Wise Investments Ltd. signed an equity joint venture agreement with Sino-Singapore Tianjin Eco-City Investments and Development Co. Ltd. to build the project.

The project is located in Tianjin Eco-City, a 3,000-hectare joint venture between the Chinese and Singaporean governments that aims to showcase the future direction of urban planning and sustainable development.

Ayala Land will build more than 1,100 units within a 19-tower residential complex located at the gateway of the Eco-City’s start-up area. The project will be among the first developments that visitors will see when they enter the Eco-City.

AECOM, one of the US’ top design consultants, will design the project, which will be constructed in two phases.

The first phase comprising 11 towers will start construction by the end of 2010 and is expected to be completed within 20 months.

Ayala Land and SSTEC are also exploring the possibility of collaborating on additional joint ventures within the Eco-City.

“We are pleased to have been invited to participate as a partner in this groundbreaking new development. The Tianjin Eco-City is a public-private partnership that will show to the world what can be achieved when the best developers from the region collaborate with two very progressive and forward-thinking governments,” Ayala Land president and chief executive Antonino Aquino said.

“We believe that this will have significant impact of how the cities of the future will be conceived, built and run. This is also very important for Ayala Land’s future because we will be able to take the learnings from the Eco-City project and apply these to our major growth centers, thus, reinforcing our position as a builder of communities which are truly sustainable in very sense of the word,” he added.

Leveraging on China’s and Singapore’s experience in integrating urban planning and eco-development, the Tianjin Eco-City is expected to be a commercially viable “city-in-a-garden” development, with the convenient proximity to Beijing and well-developed transportation networks and infrastructure. The Tianjin area has been selected as the most ideal site for the development.

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