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Ayala, Araneta Group to invest P20 B for Bulacan estate

Business

Ayala, Araneta Group to invest P20 B for Bulacan estate

By James A. Loyola

Ayala Land Inc. (ALI) and the Araneta Group’s joint venture Altaraza Development Corporation (ADC) is investing P20 billion to develop 600 hectares of prime land to form part of the existing Altaraza estate in San Jose del Monte, Bulacan.

In a statement, ALI said this expansion will provide a complete and diverse range of offerings with additional residential products to cater to new market segments, as well as more commercial developments and leisure components.

ALI President and ADC Chairman Bernard Vincent Dy and ARC Chairman and ADC board member Gregorio Ma. Araneta III during ADC’s recently held board meeting

The overall vision for the expanded Altaraza development is to become the newest growth center in the Metro North that champions integration of diverse land uses with the thrust to preserve and enhance Bulacan’s rich ecological ecosystem for an enriched and progressive lifestyle.

Altaraza, a fully integrated 40-hectare mixed-use estate launched by ALI in 2014, currently hosts two residential communities from Avida and Amaia, a prime commercial district, Waltermart Altaraza, QualiMed hospital, and schools including the STI Academic Center and Colegio de San Agustin (CSA) San Jose Del Monte.

With the ongoing buildup of locators in the estate, as well as proximity to Metro Manila and the various government infrastructure projects heading towards the North with MRT-7 and the New Manila International Airport, the development is expected to attract more investments to Central Luzon.

Because of Altaraza’s strategic location and growing community in a span of eight years, prices of residential units have appreciated, recording a 7 to 10 percent compounded annual growth rate, while the value of commercial lots have grown by 200 percent.

Related Tags

Ayala Land Inc. Araneta Group

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