MANILA, Philippines - Ayala Land Inc., through affordable housing unit Avida Land Corp., has entered into an agreement with Philippine National Bank (PNB) for the development of a 2.3-hectare property in Mandaluyong City.

Under the tie-up, Lucio Tan-led PNB will contribute the land located at the corner of Edsa, Reliance and Mayflower Streets in Mandaluyong. Avida, on the other hand, will provide its expertise in developing and marketing the property.

The project will consist of 8 residential towers, with an estimated total cost of P6 billion.

Ayala Land, in a disclosure to the stock exchange, said construction of the first tower will begin in 2011 and will be completed within 3 and a half years.

"The project is intended to cater to young professionals and start-up families working or doing business in Mandaluyong, Pasig and even Makati," the company noted.

Like Avida's other projects, Ayala Land said this new development will be accessible to main roads, public transportation, schools, hospitals and various business establishments. It will feature amenities such as swimming pools, children's play area, garden and a clubhouse.

In another disclosure, PNB said the project is subject to the central bank's approval.