Ayala inks 50-year Subic lease

AYALA LAND, Inc. has signed a deal with the government to develop a 7.5-hectare lot within the Subic Bay Freeport Zone into a mixed-use development.

In a disclosure yesterday, Ayala Land said the 50-year lease agreement with the Subic Bay Metropolitan Authority will involve development of a property on Rizal Highway or between the two main gates linking the Freeport Zone to Olongapo City. Ayala Land will invest P3 billion for the development of hotels, retail spaces, and business process outsourcing offices. Some 10,000 jobs will be created.

In August, the developer inked an agreement with the National Housing Authority to develop the 29.1-hectare North Triangle Property in Quezon City into a business district. It will cost P22 billion. bworldonline.com