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ALI set to spend P125b in Makati

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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