| To : Business Editor | For immediate release |
HONGKONG LAND AND AYALA LAND IN PHILIPPINE VENTURE
13th March 1996 -- Hongkong Land Holdings Limited today announced that its wholly owned subsidiary, Hongkong Land International, had entered into a joint venture agreement with Ayala Land, Inc. and Bank of the Philippine Islands to develop a US$400 million (PHP 10 billion) high-rise luxury residential condominium project at the Roxas Triangle in Makati, Metro Manila.
Hongkong Land International will hold a 40% stake in the joint venture, with Ayala Land holding 50% and Bank of the Philippine Islands, acting for its managed accounts, 10%.
The development, which is Hongkong Land International's first project in the Philippines, will offer 372 luxury condominium units of the highest quality, with full leisure facilities including a swimming pool, squash and tennis courts, sauna rooms and a gymnasium. The scheme will be constructed in two phases commencing in the fourth quarter of 1996 with completion scheduled for the first quarter of 2001. Units will begin to be offered for sale from early 1997.
Mr Percy Weatherall, Managing Director, said, "We are delighted that Hongkong Land International's first major project in the Philippines is in joint venture with Ayala Land, the country's leading property development company." He added that the two companies both have long histories of developing top quality properties in Asia and that this investment confirms the companies' confidence in the Philippine property market.
Mr Jaime Augusto Zobel de Ayala II, president of Ayala Corporation commenting on the agreement said, "This joint venture is supportive of Ayala's thrust to form strategic partnerships with leading companies in the region."
The Philippine project follows Hongkong Land International's successful commercial development in Hanoi, Vietnam and is part of its strategy to seek opportunities to develop prime property in regional centres.
For further information, please contact:
| Hongkong Land International Robert Wong |
Tel: 2842-8383 (office) |
| Ludgate Asia Limited Martin Spurrier |
Tel: 2543-5413 (office) |
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