[ manilastandardtoday.com ] September 27, 2011
Ayala Land Inc., the biggest property company in the Philippines, said Monday it is set to complete the P20-billion first phase of the Ayala Center redevelopment by next year.
Ayala Land vice president for strategic land bank management group Anna Bautista-Dy said the company was on track with the redevelopment of Ayala Center, which involves construction of three residential towers, two business process outsourcing offices, hotel and retail complex.
“Everything is coming on stream as planned,” Dy said.
The redevelopment will be the single-biggest investment of Ayala Land in one single area.
The redevelopment, which was first announced in 2007, aims to retain Makati’s status as the country’s premier business hub.
Ayala Land is now finalizing the second phase of redevelopment plan.
Meanwhile, Dy said that Makati Commercial Estate Association, a group of lot owners in Ayala Avenue, submitted an unsolicited proposal with the Transportation Department to develop a bus rapid transit system along the main road in the Makati Central Business District. The P1-billion project is aimed to reduce the traffic along Ayala Avenue.
Dy said the bus rapid transit system, which will be the first in the country, combines the speed and efficiency of a railway with the cost reduction.
“Macea submitted an unsolicited proposal to the [Transportation Department]. We are awaiting word. This is one of those projects we feel can really transform the city,” Dy said.
The bus rapid transit system will run from Ayala Station of the Mass Railway Transit 3 to Pasay Station Light Railway Transit 1. Jenniffer B. Austria
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