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Philippine property developer mulls commercial zone in Davao
Thursday, 17 July 2008 10:06
Philippines-based real estate development company AYALA LAND INC. (PSE:ALI) is considering Davao City for new development projects. Jaime E. Ysmael, Ayala Land's senior vice-president and chief finance officer, said they are now negotiating with the city council of Davao for the possible conversion of a nine-hectare property into a commercial zone.

According to Ysmael, the estimated cost of the project cost will be around P2.3 billion (US$51.64 million), which will include the construction of a retail shopping center as well as business process outsourcing (BPO) hub and residential projects.

Construction of the joint venture project with ANFLOCOR INVESTMENT AND DEVELOPMENT CORP will start next year and is estimated to be completed in 2012.
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