Posted on February 11, 2011 12:08:03 PM | BREAKING NEWS
[ BusinessWorld Online ]
PROPERTY GIANT Ayala Land, Inc. has set aside P3 billion to fund its second office and retail project on a lot owned by the University of the Philippines (UP).
"The Board of Regents of the UP awarded to Ayala Land the lease contract for the development of a 7.4-hectare property at the UP Diliman East Campus," the property firm told the local bourse on Friday.
The area is also known as the UP Integrated School, a 7.4-hectare property along Katipunan Avenue in Quezon City.
"The project will involve the construction of retail establishments with 63,000 square meters (sq. m.) of available gross leasable area (GLA) and a combination of headquarter and business process outsourcing (BPO) office-type building with an estimated 8,000 sq. m. of GLA," Ayala Land said.
Ayala Land, which won the 25-year leasing contract following a bidding last November, said it would break ground this year and complete the P3-billion development late in 2013.
The UP Integrated School that hosts high schools student will be relocated in the main campus of UP Diliman.
In 2006, Ayala Land allotted P6 billion for the development of the 38-hectare UP-Ayala Land Technohub along Commonwealth Ave. in Quezon City. The property now has retail establishments and houses various BPO firms.
Shares in Ayala Land, whose profits surged by 35% to P3.94 billion in the nine months that ended in September, closed at P13.80 apiece on Thursday.-- Neil Jerome C. Morales
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