General Electric (GE) and Philippine real estate giant Ayala Land Inc. on Tuesday announced their partnership to build a massive ecologically-sustainable land project in the southern suburban of the Philippine capital of Metro Manila.
Dubbed NUVALI, the 1,700-hectare land project in Laguna region, using most of the GE initiated environmental-friendly technologies, will showcase the green innovations for the community and the home, the two companies said in a press conference before signing a Memorandum of Understanding for the cooperation.
"This is a breakthrough for GE in the Philippines and marks our first major partnership with the leading real estate developer in Southeast Asia," said Colin Low, GE president for Philippines, Singapore and Cambodia.
NUVALI, which is consisted of offices, residential areas and various public venues, will use GE's iconic energy-saving lighting and appliances, wastewater reuse system, solar power equipment, real-time electricity and water consumption monitoring, among other technologies.
Low said GE expects to transplant the experience gained from partnership with Ayala to countries across the Southeast Asia.
Jaime I. Ayala, president and chief executive officer of Ayala Land, Inc. said the Phase 1 construction will feature a four- hectare lake, lakeside retail and a BPO (Business Process Outsourcing) campus, first range of residential developments and open parks.
But he did not reveal the amount of investment ploughed into the projects and the duration of the total construction.
"We are positive that GE and Ayala Land will have significant contributions to the preservation of our environment and the pursuit of better, more energy efficient ways of building homes and communities," Low said.
GE, the diversified technology, media and financial services company, has been investing heavily on research on environment- friendly technologies since it launched the ecomagination project in 2005, a commitment to help its customers address environmental and financial needs.
(Xinhua News Agency April 22, 2008)
