By Jenniffer B. Austria | Aug. 15,
2014 at 12:01am [ manilastandardtoday,.com ]
Property developer Ayala Land Inc.
said Thursday it is investing an additional P65 billion over a five-year period
to build new hotels, office buildings and residential towers within the Makati
central business district.
Ayala Land vice president Mean Dy said
in a news briefing the P65-billion five-year capital spending between 2014 and
2018 would be on top of the P60-billion investment for a six-year period to
develop Makati, which was announced in 2012.
This would bring the property
company’s total investment in Makati to P125 billion from 2012 to 2018.
“Makati remains and will always remain
as Ayala Land’s top priority. Makati will always be our top priority and our
largest source of value and our most important asset,” Dy said.
Dy said the company over the next five
years would build five new hotels, 8,000 square meters of retail and office
space and 3,700 residential units in Makati.
Under the plan, Ayala Land will start
phase 2 of the Ayala Center redevelopment which includes the existing area of
Intercontinental Hotel and the nearby parking lot.
The plan involves development of two
brand new hotels, including Ayala Land’s Seda hotel, two office towers, business
convention center and public transport terminal with retail and
entertainment
options.
The whole area covers 2.5 hectares of
land area with 250,000 to w300,000 square meters of gross floor area.
Dy said the retail development was
expected to be operational by 2016, the office space by 2017 and the hotel by
2019.
Ayala Land also plans to start new
developments at the Ayala Triangle Gardens, with the development of an 80,000
square meter premium-grade office space and 275-room Mandarin Hotel.
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