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Philippines' Ayala Land allocates 14B pesos for 526-hectare mixed-use estate

Filipino developer Ayala Land Inc. is investing 14 billion pesos to develop the 526-hectare Habini Bay estate project in the Philippine province of Misamis Oriental.

Approximately 3.8 billion pesos of the aggregate amount will be spent over the next five years for the first phase of the project, the company noted in a release.

The development planned for the towns of Alubijid and Laguindingan is a joint venture between Ayala Land and its parent, Ayala Corp., BusinessWorld reported.

The project is anticipated to be completed in 2022, Enrique Manuel Jr., Ayala Land's assistant vice president and real estate head, told the publication via email. It will feature commercial and residential components, a bus terminal, a seaport and a school. The project will also serve as the new local government center of the Laguindingan town, the Dec. 17 report added.