Posted on April 22, 2014 10:00:27 PM [ BusinessWorld Online ]
PROPERTY giant Ayala Land, Inc. (ALI) yesterday unveiled a blueprint that would transform the 74-hectare Food Terminal, Inc. (FTI) complex into a new business district, with 25% of that project complete by 2018, company officials said yesterday.
“The Phase 1 is the first five years (of development to 2018) and we are looking at a 15-20 year development program,” Anna Ma. Margarita B. Dy, head of ALI’s strategic landbank management group, told a press briefing.
“Phase 1 (of the development) is about 900,000 square meters (sq.m.) of gross floor area and total is about 3-3.6 million sq.m. of gross floor area, roughly 25% of the development,” Ms. Dy added.
The mix of residential and commercial towers for the project’s first phase would be “50-50,” financed under ALI’s P80-billion capital spending plan, according to Ms. Dy.
The property developer broke ground on the FTI complex, which it now calls Arca South, in January last year, five months after winning the contract.
The Arca South project will be the “Gateway to the South” and the next major business district development of ALI after Bonifacio Global City in 2003 and Nuvali in 2009, Ms. Dy said.
Yesterday, the property developer launched its first residential project in Arca South -- the Arbor Lanes, which is a sprawling garden community with 13- to 15-storey condominiums with units priced over P10.6 million each. Turnover was slated for the first quarter of 2018.
A total of 3,645 residential units will be launched under Phase 1: 1,000 units under the Arbor Lanes Arca brand, 902 Alveo units and 1,609 Avida units.
Also included in the masterplan are nine commercial office buildings to house business process outsourcing companies; a 250-bed hospital under QualiMed brand to serve middle markets, and a 200-room Seda hotel.
“For Phase 1 residential, there would be five (towers under) Ayala Land Premier, five for Alveo and ten for Avida,” Ms. Dy told reporters.
Jose Juan Z. Jugo, head of Ayala Land Premier, said the residential towers would not go any higher than 15 stories, complying with aviation regulators’ rules as Arca South is just 4.7 kilometers away from the Ninoy Aquino International Airport.
Mr. Jugo said ALI hopes to generate P3.5 billion in revenues from the first Arbor Lanes tower.
The office towers will be eight floors high. Two office towers will be built every year for the next five years.
The complex will also have retail malls: a 90,000-sq.m. lifestyle mall to be completed in the fourth quarter of 2017, a 200,000-sq.m. mall to rise beginning 2020, and another “bigger center mall.”
In an e-mail to BusinessWorld, Ayala Land Hotels and Resorts Corp. Chief Operating Officer Michael Alexis C. Legaspi said the company will break ground on the P850-million Seda Arca South hotel in 2016 with construction to end by 2018. Four floors of the hotel will be allotted for retail shops, he said.
ALI Vice-President Aniceto V. Bisnar, Jr. said Arca South is set to benefit from government-initiated transportation projects including the Southeast Intermodal Transport System (ITS), Skyway-C-5 and C-6 road link and the Philippine National Railways FTI station.
Ms. Dy added that the ITS bus terminal will “bring in 200,000 commuters a day,” which he said was equivalent to the daily foot traffic on the group’s TriNoma mall in Quezon City.
ALI shares lost 25 centavos or 0.81% to P30.70 apiece yesterday, ending a four-day rally on the back of profit taking, analysts said. -- KNML