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Ayala Center undergoes P28.5-B redevelopment

Published on 30 October 2012 [ ]

Ayala Land Inc. (ALI) announced on Monday that it is redeveloping the Ayala Center in Makati City at a cost of P28.5 billion.

According to ALI officials, the P28.5-billion redevelopment of the Glorietta Mall and the surrounding vicinity will make it into an even more vibrant mixed-use center with three new hotels, new office towers and various residential projects that will be formally launched in the last quarter of this year.

“As we pursue our growth strategy with the development of other business districts in Metro Manila and across the country, we will continue to enhance Makati so it maintains its place as the premiere destination in the Philippines,” said Ayala Land President and Chief Executive Officer Antonino Aquino.

He also said that “this is the most ambitious program that Ayala land has done.”

The redevelopment includes the addition of two business process outsourcing (BPO) office towers with a gross floor area of 50,000 square meters and the opening of three hotels, namely the Holiday Inn & Suites, Fairmont Makati, and Raffles Makati, and new residential towers, the Garden Towers and Raffles Residences.

Aquino said that ALI is convinced by the development of the BPO sector in the country, which is why they are willing to show an active presence in that sector.

The Glorietta, meanwhile, will have a total of 864 outlets and a re-energized Activity Center for different events. Its redevelopment was pegged at P3.1 billion while the office towers it hosts were built at a cost of P1.9 billion.

ALI will also launch Garden Towers, a two-tower residential development which will be ready for turnover in 2019. According to ALI Senior Vice President Bobby Dy, tower one of Garden Towers has a project value of P3 billion and would sell at P175,000 per square meter.

Two of three hotels in the Glorietta hub, on the other hand, will open this December to affluent business and leisure travelers. The 280-room Fairmont Hotel and the 32-room Raffles Makati all-suite hotel are the newest luxury accommodations to be built in the last two decades in Makati City.

By April 2013, the 348-room Holiday Inn and Suites Makati, one of the most recognized brands globally, will be officially opened.

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