The real estate arm of the Ayala Group has teamed up with Myanmar’s leading supermarket chain City Mart for a mixed-use project in Yangon.
Paolo Borromeo, Ayala Corp head of corporate strategy, said ALI and its partner have yet to finalize the details of the project.
Early this year, the property developer said it would undertake a $30-m residential development in Myanmar in partnership with a Burmese company.
ALI’s venture into Myanmar is part of the Ayala Group’s broader plan to lend its expertise in some of its businesses to other countries in Southeast Asia.
The real estate developer is also looking at opportunities in Vietnam while Manila Water Co Inc is eyeing projects in those two Asean countries and Indonesia.