MANILA, Philippines - Ayala Land Inc. (ALI) made an initial payment of P19.46 billion to the government, for its acquisition of the Food Terminal Inc. (FTI).
Ayala Land investor relations officer Pamela Ann Perez said the company made the payment on Monday.
The property developer had submitted the winning bid of P24.33 billion for the 74-hectare FTI property in Taguig. The remaining P4.84 billion payment for the FTI complex is due in 2013.
Ayala Land beat rival property firms Gokongwei-led Robinsons Land and Andrew Tan's Empire East. Ayala's bid was more than double the bids submitted by the 2 other companies, and exceeded the property's P10.2 billion floor price.
The FTI property is being envisioned as another business district that will complement other Ayala developments in Makati, Bonifacio Global City and Quezon City.
Ayala Land is currently developing several major projects, such as the P30-billion urban hub One Bonifacio High Street in Bonifacio Global City; and the P65-billion Vertis North, envisioned as the central business district in Quezon City.