By Daxim Lucas
Philippine Daily Inquirer

THE CONGLOMERATE Ayala Corp. and its real estate arm said they hade entered into a joint venture with India’s Mahindra Group to develop an exclusive residential community in one of the subcontinent’s major cities.

In a statement to the stock exchange, Ayala Corp. and Ayala Land Inc. said the deal involved development of a high-end housing enclave in the 1,500-acre Mahindra World City (MWC) in Chennai, India.

The joint venture, Mahindra Residential Developers Ltd., will be 51-percent owned by the Mahindra Group and 49 percent by ARCH Capital Asian Partners L.P., a private real estate fund managed by Ayala affiliate ARCH Capital Management Co. Ltd.

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By Rosemarie Francisco
Reuters

MERLY PAZ, a Filipina domestic worker in Hong Kong, has stopped sending money for the construction of her home in southern Iriga City because the peso value of her US dollar-pegged salary has fallen sharply.

“My salary is limited so I placed the house on hold,” said 31-year-old Paz who has been working in Hong Kong for nearly eight years. “But the longer I’m putting it on hold, the more that prices of construction materials are rising.”

A real estate boom in the Philippines has been powered by demand from overseas Filipino workers (OFWs) such as Paz who send home salaries to fund purchases and construction of family homes.

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By Elizabeth Sanchez-Lacson
Inquirer

MANILA, Philippines–Property giant Ayala Land Inc. (ALI) on Wednesday unveiled its massive mixed-use development in Canlubang, Laguna, said to be eight times larger than the Makati central business district.

Called Nuvali (pronounced as New Valley), the first phase of the 1,600-hectare project will cost P3.5 billion, Miriam Katigbak, head of ALI’s strategic landbank management, said after a press launch at the Ayala Museum.

Nuvali is so far ALI’s largest master-planned regional hub in the country.

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