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ALI plans mixed-use residential project on Mandarin Oriental site

Posted on October 19, 2014 10:32:00 PM [ BusinessWorld Online ]

A 1.5-HECTARE mixed-use development, composed mainly of residential projects, will replace the Mandarin Oriental Hotel in Makati City, an official of Ayala Land, Inc. (ALI) said on Thursday.

“The master plan is being prepared. It’s still evolving, but it will be a mixed-use development, probably, predominantly residential and some retail [components],” Ayala Land Chief Financial Officer Jaime E. Ysmael said on the sidelines of a conference in Makati City.

“I think it’s 1.3-1.5 hectares, big enough for a mixed-use development,” he added, noting that the timeline of the project will depend on how soon the company can secure permits and approvals.

In June, Ayala Land subsidiary AyalaLand Hotels and Resorts Corp. signed a long-term management deal with Mandarin Oriental Hotel Group to develop and operate the new Mandarin hotel, which will rise by 2020 following the closure of the current hotel.

“We’d like to keep the Mandarin brand because it’s very, very good; it is well-known and has the positioning that is appropriate for a CBD (central business district). We believe it will be a nice addition to the pool of hotels within Makati, and definitely, very much consistent with the city’s vision to be the premier business district,” Mr. Ysmael said.

Asked about the new location of the hotel, he replied: “In another site, but definitely within the area -- within the general vicinity of Makati.

We’ll announce it in due course once we’re actually ready to launch the project.”

The new Mandarin hotel will have 275 rooms and “an extensive range of modern amenities.”

Ayala Land also plans to redevelop the site of Hotel InterContinental Manila as part of its P65-billion redevelopment plan for Makati City.
Mr. Ysmael said the new InterContinental Hotel will also rise within the area, “probably within Ayala Center.”

“We are looking at different uses [for the current site]. Definitely it will have a hotel, mall, maybe office components, meeting rooms and even residential [projects],” he added.

Asked to confirm reports of a possible acquisition of Lucio Tan’s Eton Properties Philippines, Inc., Mr. Ysmael replied: “As you know, we always look at property firms for additional land acquisitions. I can’t say whether it’s true or not, I can only say that we continue to land bank… As we all know, they (Eton Properties) have a large land bank.”

Ayala Land’s first-half net profit rose 25% to P7.1 billion, while revenue increased 26% to P46.2 billion.

Ayala Land shares closed at P32.95 on Friday, down 55 centavos or 1.64%. -- Daphne J. Magturo          
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