MANILA, Philippines – Property giant Ayala Land Inc. is spending an additional P65 billion over the next 5 years to build new residential developments, office buildings and hotels in the Makati central business district.
The amount is on top of the P60 billion investment over a 6-year period that the company announced in 2012.
“Makati remains and will always remain as Ayala Land’s top priority… our largest source of value and our most important asset,” Ayala Land vice president Meean Dy said in a press briefing on Thursday, August 14.
The company plans to build 5 new hotels, 8,000 square meters of retail and office space, and 3,700 residential units in Makati, according to Dy.
The developments will rise in 3 key areas: the Ayala Center, Ayala Triangle Gardens, and a new mixed-use project called City Gate.
Phase 2 of Ayala Center will commence, covering the existing area of Intercontinental Hotel and its parking lot. Two new hotels will be built in the area – one of which will carry the brand Seda – along with two office towers, a business convention center, and a public transport terminal with retail component. The area spans 2.5 hectares, with 250,000 to 300,000 square meters of gross floor area.
Ayala Land will also start new developments within Ayala Triangle Gardens, including an 80,000-square meter high-grade office, and the 275-room Mandarin Oriental Hotel.
City Gate, a mixed-use project located at the corner of Ayala Avenue and Buendia Avenue, will also be constructed. The project will feature 81,000 square meters of office space, a 312-room Seda Suites Hotel, and 14,000 square meters of retail space.
Ayala Land president Bernard Vincent Dy said Makati was a vital asset accounting for 30% of the company’s net income. – Rappler.com
Makati image from Shutterstock