Ayala Land Inc. is expanding its residential developments and its retail business to both countries, newly appointed president and CEO Bernard Vincent "Bobby" O. Dy said in a briefing following a stockholders' meeting in Makati City.
In Myanmar, Ayala Land partnered with a local retail company for a $30 million residential project consisting of a series of towers. Dy, however, declined to name its local partner as well details of the masterplan, citing a non-disclosure agreement.
"It's a $30-million project, our share is $10 million, not a huge investment on our part," he said, noting that the first tower will be launched towards the end of the year.
"In terms of Vietnam, we are still in the process of negotiating the actual joint venture agreement. In terms of Myanmar, we are actually doing due diligence," he said.
Despite going overseas, Dy said Ayala Land will remain a Philippine company.
"[For overseas, it will] not be in the same scale that we do here in the Philippines – for now. We are still a predominantly a Philippine firm," Dy added.
In a chance interview, Ayala Land chief financial officer Jaime Ysmael told GMA News Online the expansion in the two Association of Southeast Asian Nations (ASEAN) countries merely coincides with the single market integration by 2015.
"This is not really in line with the ASEAN integration. We have been eyeing those two countries because there were opportunities," he said.
"But in a way, this can benefit us for the upcoming integration," Ysmael added.
By 2015, the ASEAN member countries envision an ASEAN Economic Community operating as a single market and distribution base to compete and integrate within larger global economy.
ASEAN groups Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam.
source: GMA News