Firms partner to build Laguna utility service
By Doris Dumlao
Philippine Daily Inquirer
First Posted 17:55:00 04/06/2010
SOURCE:
MANILA, Philippines—Property giant Ayala Land Inc. and affiliate water concessionaire Manila Water Co. have teamed up on a new framework on the development and operation of a water and wastewater utility service in Laguna.
The partnership will open up a new business stream for Manila Water in terms of putting up a large-scale pipeline and plumbing infrastructure in Laguna while benefiting Ayala Land and the consumers in terms of lower water distribution cost.
Under the agreement, the parties shall form a joint venture company which will serve as the water and wastewater planning, developing and operating vehicle for targeted real estate developments. The partnership seeks to initially start with the Ayalas’ mixed-use Nuvali development but will also cover other property developments in the area.
While the initial platform for the project is the 1,840-hectare Nuvali, the plan is to expand within the area.
Key management officers of both parties shall compose the management and operations team of the joint venture company.
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