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Ayala launches plan to develop FTI asset

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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