19 October 2009

ALI leases 7.5-ha Subic property for integrated master-planned development

MANILA, Philippines - Real estate developer Ayala Land Inc. (ALI) and Subic Bay Metropolitan Authority (SBMA) signed last Oct. 16 a 50-year lease agreement for a 7.5-hectare property along Rizal Highway within the Subic Bay Freeport Zone.

Given Ayala Land’s unmatched experience and proven track record of world-class real estate projects, an integrated master-planned development which is envisioned to include a shopping mall, Business Process Outsourcing office building, and hotel will proudly rise at Subic’s Central Business District.

The proposed mall shall offer basic conveniences that will address the everyday needs of Subic and Olongapo, as well as unique concepts that will serve not only the immediate communities but also the tourists and transients.

ALI’s development will be a catalyst for growth in the Subic-Olongapo corridor and will be a major mixed use project in the Subic Freeport Zone that is well-planned, integrated and environmentally balanced.

With a total investment of approximately P3 billion including investments generated from the project’s multiplier-effect from retail, office and hotel locators, the project is expected to create about 10,000 new jobs from construction phase to operations. (Philippine Star)