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Wellex case closure clears hurdle for Plastic City JV project with Ayala Land

The termination of a rehabilitation court case against Wellex Industries Inc.'s subsidiaries has cleared a roadblock for the planned joint development of the Plastic City integrated project in Valenzuela City, Philippines.

Wellex, which is partnering with Ayala Land Inc.'s Avida Land unit for the project, said that the case closure and the subsequent lifting of the annotations on the titles of the properties intended for the development are among its responsibilities under the memorandum of agreement with Avida.

The pair intends to develop the mixed-use project on a 17-hectare site, part of a 60-hectare former plastics manufacturing hub. The Philippine Daily Inquirer reported July 6 that the planned Plastic City estate will include an educational complex and office spaces to attract business process outsourcing companies, according to the 2012 joint venture deal.