Philippines’ Ayala Land Halts Sales Of Luxury Residential Tower As Costs Surge Amid Iran War |
Ayala Land—controlled by tycoon Jaime Zobel de Ayala and his family’s Ayala Corp.—has paused the construction and marketing one of the country’s most luxurious residential condominium projects as construction costs have surged amid the ongoing Iran war.
The Manila-based builder said it has reached out to buyers of its Laurean Residences in the Makati central business district to discuss options ranging from refunds to rechanneling payments to other Ayala Land projects.
“We have made the prudent decision to strategically place sales of Laurean Residences on pause,” Ayala Land said in a statement. “The current environment presents increasing pressures on costs and reduced predictability in delivery timelines, affecting our ability to execute with the level of certainty we........