Ayala Land, the property subsidiary of the Philippines-based Ayala group, is aiming at developing overseas markets, particularly in Myanmar and Vietnam, a company official said.
Ayala Land Inc is expanding its residential developments and its retail business to its ASEAN neighbours, newly appointed president and CEO Bernard Vincent O Dy said in a briefing after a stockholders’ meeting, according to Filipino media reports.
In Myanmar, Ayala Land partnered with a local retail company for a $30-million residential project comprising 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 was quoted as saying, adding that the first tower will be launched towards the end of the year.
