By Jenniffer B. Austria | Jun. 09, 2015 at 11:30pm [ manilastandardtoday.com ]
Ayala Land Inc. said it is launching P64 billion worth of projects in the 74-hectare Arca South, the former property of Food Terminal Inc. facility in Taguig City.
The amount represents 80 percent of the P80-billion programmed five-year capital investments for the property, which Ayala Land acquired through an auction conducted in 2012.
Ayala Land project development manager Stephen Comia said in a press briefing the company this year would complete roadworks and utilities development property to enable it to start building the residential, office, hotel, shopping mall and hospital projects in the area.
Envisioned as the a mixed-use central business district, phase 1 of the project involves the development of a 265-room Seda Hotel, a 250-bed hospital, a 72,000 square-meter shopping mall, three residential towers and six office buildings for business process outsourcing companies.
“Over the next five years, we are building one million square meters gross floor area of leasing and residential products,” Comia said.
“We are on track on the P80-billion capital spending plan and we expect to launch new projects in the next coming years,” he added.
Over 71 percent out of the 1,400 residential units launched last year have already been sold.
Ayala Land said a four-story mall structure will be completed by 2017 at Arca South, while the Seda Hotel will be operational by 2018.
The first two buildings will also be completed by 2017, while the Qualimed Hospital will be operational by 2018.
Meanwhile, Comia said Ayala Land was ready to turn over by first quarter next year the lots sold to various real estate firms.
Ayala Land earlier sold 5.6 hectares of land within Arca South to real estate companies to jumpstart development of the project.
Comia said the company had no plans to sell additional lots to other real estate cpompanies.
Comia said Arca South would benefit from two government infrastructure projects in terms of making the development more accessible.
These are the Intermodal Transport System, a world-class bus terminal project that will accommodate as much as 4,000 buses and 200,000 commuters, and the Skyway C5-C6 connector road project that will provide another exit to Makati.
“Aside from increasing access to ARCA South, these projects will also link the area to Makati and Bonifacio Global City central business district,” Comia added.