Philippine Stock Exchange, Inc. 3rd Floor, Tower One and Exchange Plaza Ayala Triangle, Ayala Ave., Makati City
Attention: Ms. Janet A. Encarnacion Head, Disclosure Department Messrs & Mesdames:
We respond to your letter this morning, seeking our comment on the article entitled "ALI acquires 20-ha Binangonan lot from IRC Properties” posted in philSTAR.com on March 28, 2014. The article reported in part that:
Property giant Ayala Land Inc. (ALI) has secured a portion of the 2,000-hectare property of IRC Properties Inc. in Binangonan, Rizal.
The property will be developed into a housing project of ALI’s low-cost housing brand Amaia, officials said.
Amaia Land Corp. president Ricky M. Celis said ALI’s Strategic Landbank Management Group has purchased the 20-hectare lot as part of the transaction with IRC Properties.
ALI president and CEO Antonino T. Aquino said Amaia will put up housing units in property. . . .
Under the plan, IRC Properties intends to sell 50-100 hectares of the Binangonan property, with the remaining landbank up for joint venture deals.
The creation of more housing projects in the Binangonan property will depend on the results of ALI’s technical due diligence. . . . .
We wish to clarify that Amaia Land Corporation, a wholly owned-subsidiary of Ayala Land, is finalizing discussions with IRC Properties Inc., for the acquisition of a 20-hectare land parcel in Binangonan, Rizal. This transaction is subject to the conduct of due diligence, obtaining all requisite approvals and other related studies in the next few months. The property is envisioned to become a residential community anchored by the Amaia brand.
Thank you.
Cc:
Securities and Exchange Commission SEC Building, Mandaluyong City Attention: Hon. Vicente Graciano P. Felizmenio, Jr. Director, Market Regulation Department
Philippine Dealing and Exchange Corporation 37th Floor, Tower 1, The Enterprise Center 6766 Ayala Ave cor. Paseo de Roxas, Makati City Attention: Ms. Ma. Concepcion Magdaraog Head, Issuer Compliance and Disclosures Department |