Ayala Land's ongoing Ayala Center redevelopment
InterAksyon.com
The online news portal of TV5
MANILA ? Gatchalian-led Philippine Estates Corp was cleared to partner with the low-cost unit of Ayala Land Inc for a residential project in Cavite.
In a disclosure to the Philippine Stock Exchange, Philippine Estates said its board authorized the development of its property in Cavite into a residential or subdivision project through Amaia Land Corp.
Philippines Estates has also authorized the company's president, Elvira Ting, to negotiate and finalize the terms of the development and thereafter sign and execute the corresponding agreement with Amaia Land.
Philippines Estates is developing Pacific Grand Residences, a 4.5-hectare residential subdivision at the crossroads of Dasmarinas and Bacoor in Cavite. It shall feature a mix of single-detached houses, townhouses and commercial lots.
Incorporated in 1983 as Philippine Cocoa Estates Corp, Philippine Estates changed its main purpose from agriculture to real estate in 1996 after the Wellex group gained majority control of the company.
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