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Property developer Ayala Land Inc. (ALI) and Leonio Land Holdings Inc are pouring an additional P10 billion in capital spending on Alviera, a mixed-used estate in Porac, Pampanga, banking on the growth potential of Central Luzon.

“We would be putting in P100 billion over the project life,” Alviera general manager John Estacio said in a press briefing in Makati City on Tuesday.

ALI estimated an initial investment of P90 billion during the project life of Alviera in 25 to 30 years.

“Given the growth in our economy and certain areas we want to focus on, we have expanded Alviera to 1,800 hectares—a significant increase of about 700 hectares and investment,” he said.

ALI is looking at huge potential to the mixed-use development in Porac—once devastated by lahar when Mt. Pinatubo erupted in 1991—in line with expectations of economic growth in Central Luzon.

“Central Luzon is the third largest contributor to the GDP (gross domestic product). It has tourist arrivals of over 3.5 million in 2015. It also has the second largest population of graduates,” Estacio said.

He noted that Alviera has an advantage because of its proximity to the Subic-Clark-Tarlac Expressway and the Clark International Airport. “This has the potential to be our very own Metro Manila,” he said.

The industrial park is now 95 percent booked.

“We have signed locators in food manufacturing, motorcycle assembly, packaging, logistics and warehousing. The non-PEZA industrial park was designed for light to medium, non-polluting industries,” Estacio noted.

On the other hand, the residential portion, covered by Alveo Land and Avida Land, is now 74-percent sold, with the residential projects up 20 percent in value in the past two years. — VDS, GMA News