Avida Land Corp. said it has agreed to terminate a memorandum of agreement (MoA) for the construction of a 21-hectare portion of the Plastic City in Valenzuela situated in an estate owned by the Gatchalian family.
Avida, the middle-income property development subsidiary of listed Ayala Land Inc. (ALI), said it mutually agreed to scrap the deal together with joint venture partners Philippine Estates Corp. (PHES) and the subsidiaries of Gatchalian-led Wellex Industries Inc. (WIN).
“PHES and subsidiaries of WIN have decided to reevaluate its concept and feasibility studies on the property while Avida will focus on its ongoing and other planned projects,” ALI disclosed to the stock exchange on Monday.
The MoA for the Plastic City was signed in 2012, wherein Avida will develop a portion of the property owned by the Gatchalian family into a mixed-use urban complex.
The joint venture for the development was given the go signal in 2018 following the termination of the rehabilitation proceedings of WIN, after its unit settled debt with the Philippine National Bank.