Ayala Land to turn Balintawak property into mixed-use complex
MANILA, Philippines – Balintawak in Quezon City is getting a face lift as Ayala Land Incorporated sets aside P25 billion ($562.75 million) to transform its property in the area into a mixed-used complex called "Cloverleaf."
An initial investment of P15 billion ($337.68 million) over the next 5 years will cover the construction of 8 buildings that will include residential buildings, a regional mall, and a hospital, said Ayala Land Senior Vice President and Head of Strategic Land bank Management grip Meean Dy.
The plan also includes transforming an old textile mill covering an 11-hectare lot for the construction of 7 additional buildings for office developments, additional residential towers, and more retail developments. This phase 2 of the project is pegged at P10 billion ($225.13 million).
“Our vision is to create a pocket urban development. Cloverleaf will give people access to refreshing retail, business, lifestyle, and residential possibilities – elements that create an ideal urban lifestyle,” Dy said.
What Cloverleaf offers
Ayala Land purchased the 11-hectare lot – the site of the former Central Textile Mills – in 2013.
Cloverleaf is located along EDSA and A. Bonifacio and is accessible via the Light Rail Transit line 1 (LRT1) Balintawak station.
The property is also 200 meters away from the end of the Skyway Stage 3 project, or NLEX-SLEX connector road project.
For the residential component of the project, Ayala Land plans to bring its two brands: Avida Land, which is set to offer a total of 2,000 residential units, and Alveo Land, which will launch a total of 600 condominium units.
The residential towers are expected to be completed by 2019 and 2020.
Meanwhile, the mall will occupy two hectares of land area with 40,000-square meters of gross leasable space. The P2.4 billion ($54.03 million) shopping complex that will serve the Caloocan, Malabon, and Valenzuela markets.
The mall is slated to open by fourth quarter of 2017.
The planned 250-bed hospital under the group’s QualiMed brand is scheduled for completion by 2017.
The 25,000-square meter QualiMed Balintakwak Hospital will be the group’s flagship branch in the northern part of Metro Manila.
Another highlight of the development is the landscaped pedestrian promenade that will connect EDSA to A. Bonifacio and will allow residents, shoppers, and workers to have a safe and comfortable walking experience.
Ayala Land unveiled its new business plan in in November 2014 dubbed as “2020 Vision.”
The new business plan will enable Ayala Land to register a 20% average annual growth rate to P40 billion ($900.27 million) by 2020. – Rappler.com
US$1 = P44.43
Images from Ayala Land-Cloverleaf website