ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronEye IconIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon PrintSite TitleTitle ChevronIcon Twitter
Stocks

Ayala Land rallies on Davao project

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.

 

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

You have {{numberArticlesLeft}} free article{{numberArticlesLeft-plural}} left this monthThis is your last free article this month

Stay ahead with our exclusives on Asia;
the most dynamic market in the world.

Stay ahead with our exclusives on Asia

Get trusted insights from experts within Asia itself.

Get trusted insights from experts
within Asia itself.

Get Unlimited access

You have {{numberArticlesLeft}} free article{{numberArticlesLeft-plural}} left this month

This is your last free article this month

Stay ahead with our exclusives on Asia; the most
dynamic market in the world
.

Get trusted insights from experts
within Asia itself.

Try 3 months for $9

Offer ends April 30th

Your trial period has expired

You need a subscription to...

  • Read all stories with unlimited access
  • Use our mobile and tablet apps
See all offers and subscribe

Your full access to the Nikkei Asian Review has expired

You need a subscription to:

  • Read all stories with unlimited access
  • Use our mobile and tablet apps
See all offers
NAR on print phone, device, and tablet media