Ayala Land Inc. is allocating 10 billion Philippine pesos to expand its Alviera Estate development in Porac, Pampanga, the company's first mixed-use project in the northern part of the Philippines' Luzon region.
The Manila Times reported Oct. 11, citing Alviera General Manager John Estacio, that the additional sum will take the total investment in the development to 100 billion pesos and will add 700 hectares to the present site area of 1,100 hectares.
Estacio told the paper that the expansion will cover the leisure and tourism components of Alviera Estate, which equates to 16% of the project. A healthcare facility and a hotel are also being considered to go along with the project's residential and business elements.
The paper noted that upon its 2022 completion, Alviera Estate's residential and commercial components will occupy 47% and 10%, respectively, while the industrial portion will cover 3% and the institutional segment will take up 2% of space. A big proportion of the project is being allocated for open space, slated to comprise 22% of the total area.
The executive also said the company is scheduled to start construction works on the site's first factory facility, with a number of companies already taking up space in the first stage of the project. He added that the Alveo and Avida residential schemes in the estate are now 74% sold, while its high-end housing project under the Ayala Land Premier brand will launch shortly.
As of Oct. 10, US$1 was equivalent to 51.43 Philippine pesos.