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ALI's Makati North district still in the works

Posted on June 22, 2012 08:18:45 PM [ BusinessWorld Online ]

AYALA LAND, Inc. has kept the development of a commercial area dubbed Makati North District on the drawing board, preferring instead to start work next year at a nearby mall, a former horse race track, and a transportation hub.
"We are [still on the] planning stage [for the north district]," Ayala Land President Antonio T. Aquino said in a briefing on the company's P60-billion redevelopment plan covering six areas in Makati City.

The North district, a mixed-use row stretching from the De la Rosa Carpark to the Makati Medical Center, was promised to feature retail shops together with office spaces. In the meantime, the company is currently building the Kroma and Solaris residential towers there.

"But for the south, something will happen next year, " Mr. Antonio said about a central transportation hub at the corner of McKinley Road and EDSA across the Ayala Avenue MRT (Metro Rail Transit) station, without elaborating.

Attention next year will also be trained on the Ayala Center and the Sta. Ana Entertainment District, he said. Work is also ongoing for the two remaining districts, the Ayala Triangle Gardens and the Makati Central Business District.

For the Ayala Center, the company will be starting the Phase II or of the Glorietta redevelopment which started two years ago.

"Today, we are completing already the first phase. There is Glorietta 1 and 2 where you now have the four new levels of retails and two business process outsourcing buildings..." Mr. Aquino said, noting that this effort had cost P10 billion.

"The next phase is the redevelopment of Glorietta 3 that will start sometime next year and will take next three years to be built. That will be another P10 billion project," he added.

The construction for the second phase, he said, will start in the second quarter next year.

Redevelopment for Sta. Ana district starts next year as well and will run for five years.

"For Sta. Ana the construction will start next year and it will be a five-year development project, the fundamentals will be there in five years but of course the development will go beyond that," Mr. Aquino said.

For Sta. Ana, Ayala Land will be investing approximately P20 billion to turn the 21-hectare Sta. Ana horse racetrack into a world-class, family-oriented entertainment complex.

Ayala Land shares shed 0.23% to P21.50 when the stock market closed on Friday. -- CHCV
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