Ayala Land, Inc.'s affordable housing arm, Avida Land Corp., and Philippine National Bank recently signed an agreement at the Hotel Intercontinental Makati for the proposed development of a 2.3-hectare property at the corner of EDSA, Reliance and Mayflower Streets in Mandaluyong City.

Ayala Land, Inc. Chairman Fernando Zobel de Ayala and Philippine National Bank (PNB) Director Dr. Lucio Tan witnessed the event.

Likewise present during the signing were Avida and PNB officials Rosaleo Montenegro, Avida Land Corp. President; Antonino Aquino, AVIDA Chairman; Florencia Tarriela, PNB Chairperson, Carmen Huang, PNB Executive Vice President and Chief Financial Officer; and Ma. Elena Piccio, PNB Executive Vice President .

The condominium project is subject to the approval of the Bangko Sentral ng Pilipinas.

The project is intended to cater to young professionals and startup families who are working or doing business in Mandaluyong City, Pasig City, and potentially as far as Makati City. Like Avida Land's other projects, it will be accessible to main roads, public transportation, schools, hospitals, and different business establishments.

Among its proposed amenities and features are adult and kiddie swimming pools, children's play area, garden, and clubhouse with function hall. The project is envisioned to form a cohesive residential community with a 24/7 security for its residents.

Part of the event was the signing of a Memorandum of Understanding (MOU) between Amaia Land Corp., a fully-owned subsidiary of Ayala Land, and Eton Properties Philippines, Inc., a member of the Lucio Tan Group of Companies (LTGC). The MOU is for a proposed joint development of a four-hectare parcel of land in Calamba, Laguna owned and controlled by affiliate companies of LTGC. Amaia has an existing economic housing development in the area called the Amaia Scapes Laguna.