Property giant Ayala Land Inc. unveiled its 49th estate venture, the sprawling Crossroads project in Plaridel, Bulacan, which will be backed by an initial P5.2-billion investment.
Crossroads is an 83-hectare integrated mixed use master-planned estate development in the fast-growing municipality that is considered a gateway to provinces north of Metro Manila.
“Crossroads is envisioned to bring in an influx of fresh commercial investments and developments to complement the growing activities in the area – offering new opportunities for local enterprises and leisure spaces and convenience for the rest of the community,” Ayala Land said in a statement.
The builder said initial development plans will include a 20-hectare commercial hub, which will be developed in five years.
“Over the last couple of years, investments both by the government thru major infrastructure and the private sector, have undoubtedly pushed economic activity towards Central Luzon,” said Ayala Land Estates group head Robert Lao.
“Now with Crossroads, the estate’s central location will serve as a key gateway and the newest commercial node of Central Bulacan and the rest of the region’s growth corridor,” Lao added.
The project will rise at the junction of the Plaridel bypass and access road, near the North Luzon Expressway’s Balagtas exit. It is a 20-minute drive to Malolos City and the Philippine National Railways’ Balagtas station, and a 40-minute drive to the proposed New Manila International Airport in Bulakan, Bulacan.
The massive project will help sustain the builder’s project pipeline and revenues moving forward.
During the first nine months of the year, Ayala Land’s net income rose 55 percent to P13.3 billion.
Total revenues also rose 19 percent to P86.3 billion, partly driven by the resurgence of the shopping mall business. It also sustained reservation sales, with grew 10 percent to P77.3 billion during the period.
Ayala Land launched eight new projects valued at P25 billion in the third quarter of the year, bringing the total to 20 projects worth P60 billion during the nine-month period. INQ
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