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News & Updates

Ayala eyes tie-up with Greenfield to develop business district
The Manila - November 25, 2009

Written by Chino S. Leyco

THE Ayala group is eyeing a possible partnership with Greenfield Development Corp. for the development of a residential and commercial business district in Mandaluyong, an executive from the Campos-led company said.

Jeffrey Campos, Greenfield president and chairman, said the Ayala group has approached the firm for a possible tie-up in developing the 22-hectare Greenfield District.

"The partnership we want is in the areas of office and business process outsourcing. Residential and commercial development is our baby, and so we want to do it ourselves," Campos told reporters.

But he said formal negotiations for the possible partnership have yet to ensue.

However, Alfonso Reyes, Ayala Land Inc. (ALI) investor communications and compliance head, said that he is not aware of any talks between the two groups, but he cited that they have already partnered in several projects in the past.

"I'm certain that we would be open to exploring further areas of cooperation in the future," Reyes said in a text message.

ALI and Greenfield were partners in developing Fort Bonifacio, which has become into one of Metro Manila's key business, leisure and commercial districts.

Campos had said his firm intended to build residential, mixed-use condominiums and commercial establishments within the Greenfield District in the next 25 years. The company has been talking with several other property firms for possible joint venture agreements.

The firm has forged an alliance with high-end real estate firm Century Properties Group and Fil-Estate Land Inc. for some of its projects in Greenfield District.

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