Posted on 10:55 PM, January 20, 2010 [ BusinessWorld Online ]
AYALA LAND, INC. is embarking on an ambitious P20-billion project to transform the Ayala Center into a mixed-use complex over the next five years.
The five-hectare center in Makati City, Ayala Land President Antonino T. Aquino said in a press briefing on Tuesday evening, would be redeveloped into an "integrated community."
"This has been in the works for the past three to four years. We wanted to see how we can take Ayala Center into the next level," Mr. Aquino said.
The redevelopment of Ayala Center -- its third major facelift since the 1960s -- is part of continuing improvements in the area. A plan to transform the Glorietta mall within the center into a "world-class business and entertainment hub" was earlier announced.
The P20 billion will mostly be spent on the construction of a 49-story residential condominium, additional leasable spaces for Glorietta 1 and 2, and a business hotel.
Ayala Land Chairman Fernando Zobel de Ayala said he believes the Philippines to be in a "unique period of time," making him optimistic that the real estate developer’s latest upscale project -- the three-tower Park Terraces -- will generate strong interest.
"The first half of 2009 [was marked] with cautiousness as the crisis unfolded. It was June [last year] when confidence was renewed," he said.
"We are seeing a strong start this year ... the condition will continue especially since interest rates are low, remittances continue to grow and banks are in healthy conditions," Mr. Ayala said.
He said it was for this reason that the group decided to unveil the P9-billion Park Terraces. On top of this, Mr. Ayala said the company’s goal this year is to sell 9,200 units, nearly four times the 2,500 units sold last year.
The first tower of Park Terraces will have 370 units with prices ranging between P5 million for a 37-square meter unit and P40 million for the biggest 272-square meter unit.
Officials also touted a feature where a master switch card will automatically shut all electronic devices (except the refrigerator) inside a unit when taken out of its slot.
Since Park Terraces is envisioned to be part of an "integrated community," its parking lot will be connected to Glorietta mall’s parking space.
There are no specific plans yet for the other components of the project but Mr. Aquino said that once everything is complete, Glorietta will have an additional 20,000 square meters of gross leasable area on top of the current 241,000 square meters.
Ayala Center is bounded by Ayala Avenue, EDSA, Antonio Arnaiz Ave., Paseo de Roxas, and Legaspi St. in Makati’s central business district.
Ayala Land shares did not move at P11 yesterday. -- K. J. R. Liu
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