By Jenniffer
B. Austria | Posted on Feb. 18, 2013 at 12:01am |
[
manilastandardtoday.com ]
Ayala Land
Inc. said it will launch this year a masterplan for the development of the 74-
hectare Food Terminal Inc., which the developer renamed as Arca South.
Ayala Land
president Antonino Aquino said in an interview Arca South would be another
mixed-use development containing residential, office and commercial projects.
Aquino said
initial plans for the property involved the development of a first residential
tower under the Avelo Land Inc., a residential brand that caters to high to
mid-market customers.
The property
will also contain an intermodal transport hub for buses and public vehicles
going to Southern Luzon.
Ayala Land
chief finance officer Jaime Ysmael said the company also started selling lots
within the Arca South.
The company
sold 17 lots covering 6.2 hectares. The lot sizes range from 2,000 to 3,000
square meters.
“These lots
were sold to investors to be developed into offices, schools, hotels and
residential, [as well as] retail [establishments] to enable the company to
generate liquidity and accelerate the development of the property,” Ysmael
said.
Ysmael also
said that the company would continue to acquire properties for future
development.
Last year,
Ayala Land won the bidding for the 74-hectare FTI, one of the last
remaining large parcels of land in Metro
Manila, with a bid price of P23 billion.
Ysmael said
of the company’s P65.5-billion capital expenditures in 2013, P20 billion was
earmarked for land acquisition.
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