By Zinnia B. Dela Peña (The Philippine Star) Updated November 05, 2012 12:00 AM
MANILA, Philippines - Property giant Ayala Land Inc. is going full throttle to transform Makati City into the nation’s premiere financial and entertainment district with the development of the Philippine Racing Club Inc.’s former race track in Sta. Ana into a P20-billion entertainment complex.
The project forms part of ALI’s P60-billion investment plan for six major districts in Makati for the next 10 years.
The property, said to be the last big piece of property in Makati, will be converted into a township with recreational, entertainment, commercial, retail, office, residential and even hotel facilities.
“We will be launching this in two weeks and will be able to give budget details then,” said Antonino T. Aquino, president of ALI.
PRCI will contribute to the joint venture its entire 21-hectare property, which used to be the site of its horse-racing operations until 2008. The property is located along the inner portion of Pasong Tamo in Makati City.
ALI, on the other hand, will undertake the development of the large-scale project, which could take 10 years to complete.
PRCI and ALI will share in the revenues to be generated from the project, which will sell residential units as well as lease out office and commercial space.
Six years ago, ALI also partnered with with Manila Jockey Club to develop the latter’s former San Lazaro racetrack area in Sta. Cruz, Manila.
ALI has been aggressively expanding its property investments, having launched several projects this year.
In Makati alone, the company has committed to invest around P60 billion in six distinct and complementary districts – Makati North (young and creative), Makati central business district (business), Ayala Triangle Gardens (urban oasis), Makati South (transport hub), and Sta.Ana (Makati’s entertainment district) covering a total of 70 hectares.
In Quezon City, ALI will build a P65-billion new central business district hub in the North Triangle area over a 10-year period. Dubbed Ventris North, the project will include office and residential towers, commercial buildings and recreational facilities.
A joint development with the National Housing Authority, Ventris North will be a first for the city. Construction will commence this year.