PROPERTY developer Ayala Land Inc. (ALI) said its project in Tarlac province, a former sugar plantation, will feature commercial and residential uses and potentially some area for industrial usage.

According to Anna Margarita Dy, ALI head of strategic landbank management group, the master-planning for the property will take either one or two years.

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Last March ALI sealed the Philippine Competition Commission’s approval for the acquisition of a 290-hectare land with Central Azucarera de Tarlac in April.

The company, meanwhile, expects to develop the massive 27,852-hectare property, which it has a joint-venture deal with Green Square Properties Corp. (GSPC) and Green Circle Properties and Resources Inc. It said it will have a mixed-use development oriented toward tourism, commercial and residential and institutional uses, according to Dy.

“The property features a 36-kilometer coastline fronting the Pacific Ocean,” Dy said.

In May this year  the company agreed with GSPC and GCPRI to set up a 51.49-percent joint venture, with ALI holding the majority, to develop the property that spans the Aurora and Quezon provinces.

ALI earlier said its first-half earnings grew 18 percent to P13.5 billion, from last year’s P11.5 billion, last year, propelled by solid contributions from its property development and commercial leasing businesses.

Total revenues climbed 25 percent to P80.4 billion, from last year’s P64.5 billion developed more mixed-use properties across the country.

“[Our] performance remained robust and reflected a sustained demand for residential products,” ALI said.

Sales reservations reached P72 billion, 17 percent higher and equivalent to an average monthly take-up of P12 billion. Net booked sales registered at P50.4 billion, 25 percent higher than the previous total of P40.5 billion.

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