Property: ALI announces PHP township project in Bulacan.
Ayala Land Inc. (ALI-BUY) announced that it will be investing almost PHP7b for a township project in the largest city in Bulacan province north of Metro Manila within the next five years. This is the 98-hectare Altaraza, the first master-planned township project in San Jose Del Monte which forms part of ALI’s efforts to seize expansion opportunities in the north and outside Metro Manila. Altaraza is a 50-50 joint venture with Araza Resources Corp. Of the 98 hectares, 12 hectares were set aside by ALI for its residential project Avida. The project is not included in our land bank and our NAV estimate. It would add up to PHP0.25 to our current NAV to bring it to PHP42.25/sh.
-Maybank ATR
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