Ayala Land spending P80B to develop FTI property
MANILA, Philippines – Ayala Land Inc. on Monday, April 7 said it would spend P80 billion over the next 5 years to transform the 74-hectare Food Terminal Inc. (FTI) property into a commercial business district.
The company would unveil this month its master plan for Arca South, a commercial district featuring residential, office, hospital, hotel and retail projects, said its vice president Aniceto Bisnar.
"We plan Arca South to become a major business district in the same tradition as Bonifacio Global City and Ayala central business district. Over the next 5 years, Ayala Land will investing more hand P80 billion worth of projects in Arca South," Bisnar told reporters in an interview following the company's annual stockholders' meeting.
Initially, Bisnar said Ayala Land would launch 200 high-end residential units under the Ayala Land Premier brand, with price range of P175,000 to over P200,000 per square meter. The company would also launch a 200-room Seda Hotel worth P1 billion, and a 20,000-square meter office development worth P1 billion.
This year, a total of480,000 of square meters of Arca South land would be developed, followed by another 150,000 square meters next year.
When fully developed, Arca South would be a "modern" business district with a total of 3.6 million square meters of gross leasable area.
Given its accessibility via C-5, the South Luzon Expressway and the Skyway, Bisnar said Ayala Land plans to bring other residential brands in Arca South.
In 2012, Ayala Land won the bidding for the 74-hectare FTI property, one of the remaining large parcels of land ready for immediate development in Metro Manila.
Arca South adds to the company's increasing portfolio of business districts, which include Circuit Makati, Bonifacio Global City, Vertis North in Quezon City, and Cebu Park District.
Meanwhile, Ayala Land president and CEO Bernard "Bobby" Dy said the company would develop residential and retail projects in Vietnam and Myanmar.
Dy said Ayala Land would spend $10 million to launch its first residential tower in Myanmar before the end of the year.
In Vietnam, he said the company is negotiating a joint venture agreement. "We are looking at residential and little bit of retail."
Ayala Land's overseas investments follow the investments of its sister firm Manila Water Company Inc. in Vietnam and Myanmar.
Last March, Manila Water and Mitsubishi Corporation of Japan announced plans to develop a project to reduce water leaks in Yangon, Myanmar.
The water utility firm also expanded its presence in Vietnam through the acquisition last year of a 31.47% stake in Saigon Water Infrastructure Corporation.
Aside from real estate and water services, the Ayala group is looking for investment opportunities in the telecommunication and infrastructure sectors in Vietnam and Myanmar. – Rappler.com