Ayala hopes to develop township projects in another 25 Philippine cities

April 13, 2015 6:51 AM

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MANILA, April 13 (Reuters) - Ayala Land Inc is keen to build township projects in 25 additional Philippine cities over three to five years, part of a rush by the country's property developers to capitalise on widening economic growth and offset a slump in condominium sales in Manila.

With sales of new residential units in Manila having slumped 40 percent in the past two years, according to property broker Colliers International, growing demand in provinces for large-scale projects that include condominiums, malls and offices has come at a fortuitous time for developers like Ayal...

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