ABOITIZ GROUP’S Lima Land, Inc. will expand its Batangas estate to bring in more industrial locators and create around 20,000 jobs.
Lima Land plans to develop over 100 hectares of its 700-hectare LIMA Estate for new locators and redevelop its 30-hectare business district to house new commercial lots, outsourcing companies, and office buildings, Aboitiz said in a press release on Wednesday.
The developer also plans to accommodate dormitories, schools, hospitals, hotels, and civic centers in the business district.
Lima Land plans to complete the expansion by the third quarter of 2022.
Aboitiz Integrated Economic Centers First Vice President Rafael Fernandez De Mesa said the company is developing the area into a smart city with digital infrastructure.
“A smart city in Calabarzon opens up a new wave of opportunities, with data at the forefront of improved operations across the city,” he said.
The LIMA Technology Center economic zone has 124 domestic and international locators employing 55,000 people. Aboitiz Group developed the area into a mixed-use estate after acquiring it in 2014.
The company added that metal processing business Philippines TRC Incorporated will be expanding its LIMA-based facilities next year, and Japanese wire harness manufacturer Leading Co. Ltd. will start building facilities in December 2021 to start operating by March of the next year.
“We have been speaking to several potential locators for all of our Integrated Economic Centers throughout the lockdown, and what makes LIMA a great investment is its existing, fully established ecosystem already in place,” Aboitiz Integrated Economic Centers Vice President for Business Development Eduardo Aboitiz said.
Aboitiz Group’s listed holding company, Aboitiz Equity Ventures, Inc. (AEV), posted a 55% income decline to P4 billion in the first semester.
Shares in AEV went up P1 or 2.23% to end at P45.75 apiece on Wednesday. — Jenina P. Ibañez