Ayala Land's PHP 10.3 Billion Ascenda: Davao's Biggest Mixed-Use Development
Ayala Land, a prominent real estate developer controlled by the Zobel de Ayala family, is set to invest PHP 10.3 billion ($178 million) in Davao City, Mindanao. The project, named Ascenda, will be the company's largest mixed-use development outside Luzon Island and its biggest investment in Mindanao.
Ayala Land, along with rivals SM Prime and Megaworld, is expanding into the provinces due to an oversupply of residential condominiums in Metro Manila. The 204-hectare eco-residential estate, Ascenda, will be designed by Danish architectural firm Henning Larsen and will feature an ecological park. This is not Ayala Land's first foray into Davao City. The company has developed three projects in the city previously, demonstrating its long-term commitment to the region.
The Zobel de Ayala family, with a net worth of $3.4 billion, is the seventh richest family in the Philippines. Ayala Corp., the parent company of Ayala Land, was founded in 1834 by the great grandfather of Jaime Zobel de Ayala and has since diversified into various industries. The upscale residential brands of Ayala Land will occupy 169 hectares of Ascenda, while 65 hectares will be dedicated to commercial properties.
Ayala Land's investment in Ascenda signals the company's confidence in the Davao City market and its commitment to sustainable, eco-friendly development. The project is set to bring high-end residential and commercial spaces to the city, further boosting its growth and development.
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