Ayala land to spend P3-B for Subic project

Real estate giant Ayala Land Inc. (ALI) is investing P3 billion to develop a 7.5-hectare property at the heart of Subic's central business district.

In a disclosure to the local bourse on Monday, ALI said it has signed a 50-year lease agreement with the Subic Bay Metropolitan Authority (SBMA) for the development of the property into an integrated mixed-use community.

Located along Rizal Highway within the Subic Bay Freeport, the mixed-use project will include a shopping mall, a business process outsourcing (BPO) building, and a hotel.

ALI said the project is expected to generate some 10,000 jobs from construction phase to operations.

"The company'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 sustainable," ALI said.

The mixed-use project in Subic is ALI's second major investment in the area. The company is currently developing the 320-hectare Anvaya Cove in Morong, Bataan. abs-cbnNEWS.com