Top Philippine Property Firm Pauses Luxury Tower on War Fallout

Top Philippine builder Ayala Land Inc. said it’s pausing the development and sale of a high-end residential tower in the nation’s central business district due to the impact of the Middle East conflict.

The pause on the Laurean Residences project reflects the company’s “forward-looking approach grounded in long-term value creation and disciplined capital management,” Ayala Land said in a statement on Monday. Shares of the company closed 1.4% lower on Monday, bucking the Philippine benchmark stock index’s gains.