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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