October 31, 2019 | 12:06 am [ bworldonline.com ]
AYALA LAND, Inc. is developing an 11-hectare district in Novaliches, Quezon City. — COMPANY HANDOUT
AYALA LAND, Inc. (ALI) is investing P8 billion in a new mixed-use district in Novaliches, Quezon City.
Stephen S. Comia, senior division manager for ALI’s strategic landbank management group, said The Junction Place is a 11-hectare “pocket urban development” located in Barangay Talipapa between Quirino Highway and Tandang Sora Avenue.
“Total investment is about P8 billion. Since we are doing the projects at the same time, it is also our five-year plan,” he said during a press briefing in Makati City, Wednesday.
The Junction Place will feature residential, commercial and recreational components.
Of the total investment, ALI is spending P500 million for land development, including the construction of a four-lane road connecting Quirino Highway and Tandang Sora.
“The site is located in between two major thoroughfares… So we plan to construct a spine road called Junction Place Boulevard, and open up that connection from Tandang Sora you don’t have to go to the intersection of Tandang Sora and Quirino, you can go through the spine road and exit to Quirino,” Mr. Comia said.
ALI has already sold around 8,000 sq.m. of commercial lots facing the spine road, as it hopes this will spur economic activity in the area.
At the same time, ALI is building a transport hub and UV Express terminal to boost the estate’s connectivity to other parts of Quezon City and Metro Manila.
“We will also benefit greatly from the Metro Manila Subway Project, and there will be two stations 800 meters from the project. The first three stations will be operational by 2022,” Mr. Comia said.
The Junction Place will be anchored by an Amaia Land residential development. Amaia Land is planning a five-tower development on a 1.7-hectare lot near the estate’s Tandang Sora Avenue exit.
“(Amaia Land) fits the market in the area. Amaia is known for affordable, reliable and quality homes… Initial plan is five towers in total, mid-rise (towers),” the ALI executive said.
WalterMart is also set to start construction on a 5,000-square meter (sq.m.) mall in The Junction Place by December.
“Waltermart is located on the side of Quirino. They will be constructing a mall with 5,000 sq.m. of leasable space. We partnered with them because it fits the market of the area…
Anchor tenants include Waltermart, W Department Store, Abenson, Homeplus, and Food Choices,” Mr. Comia said. — Cathy Rose A. Garcia
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