DEVELOPER AboitizLand Inc. has purchased Lima Land, Inc. the industrial park operator of the 450-hectare Lima Technology Center in Malvar, Batangas.
AboitizLand president and chief executive officer Andoni Aboitiz said the company will be pouring in P3 billion for the development of the industrial park.
Clifford Academia, AboitizLand Inc. commercial business unit manager, earlier said the company is eyeing to bring its commercial development in Batangas, in light of the success of Pueblo Verde in Mactan Economic Zone 2 in Barangay Basak, Lapu-Lapu City.
The Lima Technology Center houses light industries. Its locators are involved in different manufacturing businesses, ranging from car parts and motorcycles to plastic moldings, printers and LCD projectors.
Timeframe
Aboitiz said the development is set to begin in the middle of this year and is expected to be completed in a year and a half.
AboitizLand has allotted a capital expenditure of P4 billion for 2014, he said.
Aboitiz Equity Ventures’ disclosed to the Philippine Stock Exchange that its property arm AboitizLand acquired the remaining 360 million common shares in Lima Land from Marubeni of Japan, representing 40-percent of Lima Land’s total issued and outstanding shares.
Lima Land is a joint venture between Alsons Land Corp.’s (ALC) and Marubeni.
In October last year AboitizLand acquired ALC’s 60-percent interest in LLI.
Joint venture
Aboitiz said that although the company is already expanding outside Cebu, it will continue to develop projects in the province. One of them is the joint venture with Ayala Land Inc for a mixed-use project in Subangdaku, Mandaue City.
The 15-hectare city center will house residential developments and commercial spaces with retail and office components. Aboitiz said the Mandaue city center project will be launched in 2015. He said both companies are still in the process of formalizing the corporation.
AboitizLand has been in the industry for 20 years and has successfully master-planned about 20 property developments in Cebu.
AboitizLand is also the developer and operator of two economic zones, the Mactan Economic Zone II in Lapu Lapu City, Cebu and the West Cebu Industrial Park in Balamban, through its subsidiary Cebu Industrial Park Developers Inc.
Aboitiz said the company is also planning to put up a project in Davao.
The company celebrated its 20th anniversary last Wednesday. Aboitiz said in his speech that the “best is yet to come” for the company.
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