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Ayala Land targets Q3 launch for its biggest JV project in the Philippines

Ayala Land Inc. and Eton Properties plans to launch a 35-hectare mixed-use estate project in Metro Manila, the conglomerates' largest joint venture to date, The Philippine Star reported.

The pair intends to launch the 50-50 joint venture development in the third quarter. Its construction will be done in phases, with the initial stage slated to be launched in 2017 to 2021, according to the report. It will sit on a 30-hectare Eton-owned land in Pasig and a five-hectare Ayala Land-owned site in Quezon City. A bridge over the Marikina River to connect the land parcels is also included in the project, which has an estimated gross floor area of 1.77 million square meters.

Ayala Land President Bernard Dy said the project marks the company's third property development in 2017. Its two other projects comprise the Evo City in Cavite and another project in Davao, according to the May 29 report.