By Carmelito Q. Francisco
DAVAO CITY — Ayala Land, Inc. (ALI) is spending about P18 billion for its 526-hectare Habini Bay estate located in the towns of Alubijid and Laguindingan in Misamis Oriental province.
Enrique B. Manuel, Jr., ALI assistant vice-president and estate head, said of this amount, about P4 billion will be spent for the first phase of the mixed-use complex, including the construction of an industrial park that will be managed by another Ayala company, Laguna Technopark, Inc. (LTI).
“Expected to be completed in 2022, the fund for the first phase would be spent on land development, the launch of the LTI (-managed park) as well as some concessions for the partner locators,” Mr. Manuel said in an e-mail interview with BusinessWorld.
The industrial park component is intended to attract manufacturers of electronics, automotive, pharmaceuticals and consumer products.
“The total budget for the project will exclude the capital expenditures of locators,” he added.
The company sees the project generating about 2,000 jobs in the initial phase, mostly in construction, and about 4,000 jobs upon full operations.
“We are hopeful that we will bring in inclusive growth by providing jobs and opportunities for the Mindanaoans in the area, and that we will do starting very soon,” said Mr. Manuel in an earlier message.
The project, a joint venture of ALI and its mother company Ayala Corp., is expected to become a trade and commerce center in the Northern Mindanao Region, the company said in a statement last month.
The estate will also have residential and commercial components, and will be home to the new local government center of Laguindingan town.
It will also have a bus terminal, a sea port and a school.
The company said Habini Bay is also designed with “pedestrian and bike-friendly roads to encourage a healthy modern lifestyle in an integrated and sustainable estate.”