Ayala Land Inc., the biggest Philippine builder, is seeking to reclaim land in Manila Bay in a move that may spark a bidding war with its largest property rival in the country.
Ayala Land Inc., the biggest Philippine developer, said it will be difficult to meet the Nov. 4 bid deadline for a Manila reclamation project after its request to extend the cut-off date by two months was rejected.
Ayala Land Inc., the largest Philippine builder by market value, plans to counter billionaire Henry Sy’s offer to reclaim prime land along Manila Bay for development.
Philippine billionaire Henry Sy won a 54.5 billion-peso ($1.2 billion) contract to reclaim land in Manila after Ayala Land Inc.’s request to extend its bid was denied by the government.
Ayala Land Inc. said it expects to expand its record profit this year as the Philippines’ largest builder takes advantage of a housing shortage and develops business districts outside the capital.
"We cannot grant your request for extension of time to submit a counter-proposal without exposing ourselves to charges of violating or bending the rules to favor your company."
- Ayala Land on Oct 31, 2013