Ayala forms unit for Asia

Ayala forms unit for Asia

MANILA (Reuter): Philippine firm Ayala Land Inc said it has floated a new firm in Singapore for property development projects in Asia in joint venture with the international investment arm of its parent firm, Ayala Corp.

Ayala Land assistant corporate secretary Renato Marzan said yesterday Ayala Land and Ayala International Pte Ltd would hold equal stakes in Ayala International Properties Pte Ltd.

"The (new) company will allow its principals to pursue collaboration with key players in the region and build a regional property portfolio with initial emphasis on the ASEAN market," Marzan said.

Marzan said Ayala Land would transfer its investment in PT Menara Duta to Ayala International Properties as its initial contribution in the new company.

Late last year, Ayala Land had said it invested $11 million for a 25 percent stake in PT Menara Duta, the property development unit of Tiga Raksa of Indonesia.