MANILA, Philippines - Top Philippine property firm Ayala Land Inc said on Thursday it will spend P2.8 billion ($61 million) to build a high-end residential tower in Manila's Makati business district, part of an ambitious 3-5 year development plan.

Ayala Land, the property arm of the Philippines' oldest conglomerate Ayala Corp, said in a disclosure to the Philippine Stock Exchange the first of three apartment towers of Park Terraces would have 370 units and was set to be completed by December 2014.

"The first tower of the project is expected to draw strong interest from both domestic and overseas-based buyers," Jaime Ysmael, senior vice president and chief finance officer of Ayala Land said in the disclosure.
Ayala Land was unchanged at P11 at 0225 GMT, erasing early losses. It outperformed the main index which slipped 0.32%.

Philippine property companies are aiming to lure Filipinos living and working overseas to invest in real estate at home. Overseas-based Filipinos sent home $16.4 billion in 2008 and their remittances are on track to hit a central bank estimate of 4% growth in 2009 despite the impact of the global financial crisis.

On Tuesday, Ayala Land said it would spend P20 billion over the next 3-5 years to redevelop its flagship commercial complex in the country's financial district.