SINGAPORE -- Shares of the Philippines' Ayala Land rebounded Friday thanks to news that the company will accelerate a development project in Davao City, whose mayor is slated to become the country's next president at the end of the month.
Shares of the real estate developer rose as much as 2.56% to 38 pesos (82 cents) after two down days, and closed at 37.1 pesos on the Philippine Stock Exchange.
Hopes have grown that the company will enjoy an earnings expansion over the mid- to long term thanks to the Davao City project, situated on the southern island of Mindanao. Davao is known as the safest city in the country and its profile has risen because of Mayor Rodrigo Duterte's victory in the presidential election. The city is drawing attention as a venue for new business opportunities.
The 25-hectare project, to be undertaken via a joint venture, will include a condominium with 2,000 units for sale, as well as 7,000 sq. meters of retail space for lease, according to local media.