LIMA Land, Inc. plans to expand its Batangas estate to over 1,000 hectares in the next decade in a move that could open more opportunities for the company group and the province.
“In the next 10 years, Lima plans to develop and expand the estate to more than a thousand hectares,” Lima Land Assistant Vice-President for Operations Clifford Academia said in a virtual event on Wednesday.
Lima Land is the developer and operator of LIMA Technology Center, an economic zone registered with the Philippine Economic Zone Authority. The economic zone in Malvar, Batangas is an industrial park that caters to export-oriented locators in manufacturing and warehousing operations.
“The transformation of our central business district, our commercial and industrial zones will open up a new wave of opportunities,” Mr. Academia said.
The company is currently developing over 100 hectares of its 794-hectare LIMA estate for new locators.
Set to be completed by the third quarter of 2022, the expansion could create 20,000 new jobs in Batangas and nearby areas.
“In LIMA, we currently have a very diverse set of locators, and also a diverse set of complementing businesses,” Mr. Academia said.
Lima Land is also redeveloping its 30-hectare business district to house new commercial lots, outsourcing companies, dormitories, and office buildings. Last month, Lima Land announced that it was set to build a seven-tower office complex.
Lima Land is managed by Aboitiz InfraCapital, Inc. under its Aboitiz Integrated Economic Centers business unit. The Aboitiz group developed the area into a mixed-use estate after acquiring it in 2014.
Aboitiz Equity Ventures, Inc. (AEV), the listed holding company for the group’s diversified businesses, posted 159% year-on-year increase in its consolidated net income for the second quarter to P4.9 billion.
Shares in AEV increased by 3.9% or P1.55 to close at P41.30 apiece on Thursday. — Jenina P. Ibanez