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Ayala Land loses claim over prime lot as Philippine court affirms earlier ruling

Ayala Land Inc. confirmed a Feb. 5 report by The Manila Times that featured the Supreme Court of the Philippines' final ruling in favor of the claimants, voiding the developer's title over a 46-hectare land in Las Piñas City, Philippines.

According to the report, citing the tribunal, Ayala Land's appeal lacked merit and did not present arguments to substantiate its claim and convince the Philippine high court to reverse its earlier decision.

The company said in a disclosure that the court's dismissal of its motion to reconsider its earlier ruling does not have any material effect on its operations and financial conditions as the total area of the subject land comprises less than 1% of the company's total land bank of 9,852 hectares.

It added that prior to the Supreme Court's July 26, 2017, decision on the case, the court had issued rulings on similar land dispute cases based on whichever certificate of title was older in date, a point that also formed the basis of Ayala Land's appeal.

The disputed land plot is inside the company's Ayala Southvale estate and houses the Southlinks golf courses and a materials depot.