The Philippines' Zobel de Ayala family has won the battle for a premium state-owned property, outbidding a number of other powerful families in the process.
On 14 August, the country's government accepted family business Ayala Land’s 24.33 billion Philippine pesos (€468 million) bid to acquire a 74 hectares (183 acres) industrial estate, located south of greater Manila.
It followed bids of 14.66 billion Philippine pesos by the Gokongwei family’s Robinsons Land and 11.2 billion Philippine pesos by Empire East, owned by real estate magnate Andrew Tan and his family.
The bid will strengthen the Ayala family’s market position in the lucrative real estate sector. Property accounted for 10.7% of the Philippines’ real GDP in 2011.
Four other well-known family businesses in the Philippines had also expressed interest in acquiring the land – the Sy family’s SM Land, the Lopezs' Rockwell Land Corporation, Filinvest Land of Andrew Gotianun and family, and Century Properties Group, owned by the Antonio family.
Ayala Land, which is part of family holding company Ayala Corporation, had revenues of 25.02 billion Philippine pesos for the first half of the year. The company said it plans to transform the land into a major business district.
The property’s location near main highways will make it the “southern gateway” to Manila, Ayala Land said.