AYALA LAND, Inc. (ALI) expects to invest P10 billion more in its mixed-use estate property in Porac, Pampanga in the next three to five years, a company official said.

“Looking ahead within the next three to five years, our plans involve activating another 300 hectares and injecting P10 billion as we pursue the reality of Alviera’s vision,” said Jennylle S. Tupaz, ALI vice-president and senior estates development head for Central Luzon and VisMin estates, on Friday.

Of the P10 billion earmarked for further development, about P2 billion would be for the newly launched A-Block commercial area, while the remaining P8 billion would be for other parts of the site.

“[The] P10 billion spans across all different products within Ayala Land, this is residential, a part is [infrastructures], and commercial,” said Alviera Estate General Manager Melanie Eugenio-Triviño in a media briefing.

Alviera is a joint development by Leonio Land Holdings, Inc. and ALI spanning 1,714 hectares. ALI previously invested P10 billion to develop 430 hectares of the Pampanga estate.

The company also launched the first commercial area of its planned 70-hectare central business district with an initial 12 available units.

Ms. Eugenio-Triviño said the average lots within the A-Block commercial hub span 1,500 to 2,200 square meters (sq.m.) with prices per lot averaging at P70,000 per sq.m.

The company expects to complete the development of the new commercial hub after two to two-and-a-half years, she said, “we’ll start land development by the fourth quarter of this year.”

The estate also houses nine residential villages in various stages of development. The company has sold a total of 5,000 units across the estate.

“We are at 80% sold from the current inventory level,” Ms. Eugenio-Triviño added.

Additionally, it also has an industrial area spanning 64 hectares with three locators currently operating and 10 more are upcoming.

“We have already sold out our industrial lots, so [now we are just] handholding the locators so they can start their construction already,” she said.

She identified the current locators in the property as Monde Nissin Corp., Heavy Duty Packaging Corp., and Badan Building Material Corp.

ALI shares rose by 2.95% or 70 centavos to P24.40 apiece on Friday. — Adrian H. Halili