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ALI signs real estate deal with Gatchalian

By Jenniffer B. Austria | Posted on Dec. 19, 2012 at 12:01am |
[ manilastandardtoday.com ]
Ayala Land Inc. has signed an agreement to develop the so-called Plastics City of businessman William Gatchalian in Valenzuela City.
Ayala Land president Antonino Aquino said in an interview at the sidelines of the groundbreaking of the One Bonifacio High Street in Taguig City the agreement covers 17 hectares of property, with 2.3 hectares to be initially developed by low-income housing unit Avida Land Corp.
Aquino said Ayala Land plans to develop the entire 60-hectare lot, which is owned by Gatchalian’s Philippine Estate Corp.
The property, which Ayala will develop over a period of 10 years, will be transformed into a mixed-use project with retail, residential and office components.
Aquino said Ayala Land would put up several mid-rise buildings on the 2.3 hectares up for initial development.
Ayala Land, meanwhile, said it started developing the premium urban block at the Bonifacio Global City that would house the P3-billion new headquarters of the Philippine Stock Exchange, a high-end residential tower and a P2-billion premium commercial complex.
PSE’s headquarters is a 22-story building that will have a gross floor area of 36,000 square meters.
About 29,000 square meters are leasable area, with 19,000 square meters to be allotted to the PSE and active stockbrokerage firms. The iconic building is expected to be completed by 2016.
Ayala Land will develop a P2-billion high-end mall offering 24,000 square meters of gross leasable area.
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