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PIA Press Release
2006/10/11

Ayala firm to start developing high-end residential complex in Oro

Cagayan de Oro City (11 October) -- The pioneer of land development in the country, Ayala Land -- a real estate affiliate of the Ayala Corporation -- is set to develop their 180 hectares of property in the barangays of Camaman-an, Macasandig, and Indahag, this city.

Vel De La Cerna, assistant vice-president of Cebu Holdings Inc., which is an affiliate of Ayala Land operating in Visayas and Mindanao, disclosed during Monday's regular session at the city council that they are now developing 50 hectares of their property and are set to be finished by the first quarter of 2007.

De La Cerna informed the city council that they already got their Environmental Compliance Certificate (ECC) from the Department of Environment and Natural Resources (DENR) and is set to get a development certificate from the city government soon.

The executive told the councilors that the soon-to-rise high end residential complex is to be developed under the Ayala Land Premier brand, the developer of elite residential and business parks like Forbes Park, Ayala Alabang, Ayala Westgrove and to name a few.

He said that their presence in the city is a sign that Cagayan de Oro is now ripe for real estate development of such first-class residential complex.

The 50 hectares, which covers first phase of the entire property, is composed of several villages that include a sports facility, pocket park, watershed treatment facility, chapel, ravine orchards, promontory point, canyon trails and a central park that is unnamed yet.

Aside from the residential complex, the company also plans to engage in other business in the city like the development of an Information and Technology (IT) park or a shopping center.

The real estate company assured the city government that they will lend their technical expertise to the city by helping in shaping-up the city as the most progressive city in Mindanao. (City Information Office/RAGCOM) [top]

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