by Jenniffer B. Austria
[ manilastandardtoday.com ] July 25, 2011
Ayala Land Inc., the biggest property company, has tied up with Ellimac Prime Holdings Inc., a wholly-owned subsidiary of Puregold Price Club Inc. of businessman Lucio Co, to put up a second shopping mall in Quezon City.
Ayala Land plans to lease a 4.8-hectare lot from Ellimac Prime and develop it into a shopping mall and office building.
Adjacent to the leased land is a one-hectare property, where Ellimac Prime will house an anchor supermarket with retail units and interconnect it with Ayala Land’s mixed-use commercial development.
The project, called Fairview Terraces, is located at the Quirino Highway in Novaliches, Quezon City. It is situated right across SM City Fairview and beside Robinsons Novaliches.
To take advantage of its strategic location, the property is envisioned to be a mixed-use development with a regional mall as its centerpiece.
The mall will have 65,000 square meters of gross leasable area, inclusive of a 6,500-square meter department store and a 5,000-square meter anchor supermarket, which will be either a Puregold supermarket or an S&R outlet.
A business process outsourcing office building with 10,000 square meters of GLA will also be developed onsite to complement the mall development.
The property said Fairview Terraces would upgrade the shopping experience of the Quezon City residents and promote accessibility to the workplace.
Phase 1 of shopping mall and the supermarket will be completed by 2013 while the office building will be finished by 2014.
The mall will primarily cater to underserved AB market as the project will offer unique mix of dining, retail and entertainment establishments.
The office building, meanwhile, will address the needs of business process outsourcing locators in the city as well as existing traditional offices.
Fairview Terraces will be Ayala Land’s second shopping mall in Quezon City. The first was the Trinoma at the North Avenue in Quezon City.
Ayala Land said at the start of the year that it planned to launch seven new retail projects across the country. The projects have combined leasable shopping space of 172,000 square meters.
Among the company’s recent shopping centers of Ayala Land are Abreeza in Davao City and Harbor Point in Subic.
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