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MANILA, Philippines (UPDATED) – The commercial center in Makati City, the country’s prime business district, remains the Ayala group’s crown jewel, according to a top official.
In a press briefing on Monday, October 29, Ayala Land Inc. President Antonino Aquino said the ongoing P28.5 billion-worth re-development plan to spice up Ayala Center makes “Makati still the premier business district of the country.”
The giant property firm has been expanding into various parts of the metropolis, including its P60 billion projects in neighboring Fort Bonifacio Global City in Taguig City and P65 billion project in North Triangle in Quezon City.
Aquino told reporters that “what we have here in Ayala-Makati is the crown jewel of Ayala Land, being the most ambitious project we’ve undertaken so far.”
Glorietta mall
The P3.1 billion overhaul and facelift of the Glorietta mall is on track to be finished by the first week of December, in time for the holiday season, Aquino said.
More establishments will be put up along Ayala Avenue, one of the city’s main roads. Aquino said a two-level underground parking system will be developed underneath the reinvigorated Glorietta complex.
Glorietta will have 3 floors for about 864 retail outlets, 2-level basement parking, and a “re-energized” Activity Center.
In addition to the mall’s current 54,000 sqm area, Glorietta will house two office towers with gross floor area of 50,000sqm for BPO operations.
Ayala Land is banking on the sustained real estate demand of the thriving BPO sector in the country.
“We continue to be very optimistic as a market. We would like to make sure we are expanding our operations as well. Obviously, what we have here in Ayala Center is the hottest in all of our BPO inventories,” Aquino explained.
The first tower set for turn over on the first week of November and the second tower is scheduled for December or January.
Hotels, residential towers
Complementing the commercial and retail operations are 3 hotels (Holiday Inn & Suites, Fairmont Makati and Raffles Makati), and two residential towers (Garden Towers and Raffles Residences).
These are slated for launch in the coming months.
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Holiday Inn & Suites will have of 348 luxurious guest rooms and suites with rates of about $130 a night.
The hotel is physically linked to the Glorietta mall complex and is scheduled to be opened by February 2013.
Raffles Makati will consist of 32 luxurious suites pegged at $350 a night.
Fairmont Makati, which will feature 30 floors, 280 rooms and suites, and the largest spa facility in the city, will charge around $200 to $220 a night. Fairmont is scheduled to open by December 3.
The two, including Raffles Residences is part of a single infrastructure development separated by floors. All 3 developments are affiliates of the Raffles brand based in Singapore.
The P3-billion Garden Towers, on the other hand, will be a high-end 54 storey residential development. Each of the 340 units will sell at an average of P175,000 per square meter. Selling price per unit will range from P10 million to P140 million. Launch will be in the 3rd week of November.
Parks, pedestrians
In keeping with Ayala Land’s wellness and environmentally friendly development approach, Aquino said there will be open parks adjacent to these new buildings.
There will be an open park between Arnaiz Avenue and the Glorietta Complex, between Terraces Square and the Fairmont-Raffles complex, and right across the nearly-completed Park Terraces and the Palm Promenade.
With the expected increase in car and foot traffic, Ayala Land has designed the area to be pedestrian-friendly.
“With our developments, we are encouraging people to live, work and play in the same area. This means lesser car traffic and encouraging people to walk hence increasing pedestrian-ization,” Aquino said.
Currently, foot traffic on a regular day reaches 1.5 million. On weekends or during holidays, over 500,000 are in the area. – Rappler.com
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