MANILA, Philippines – Ayala Land Incorporated’s (ALI) ARCA South development is on track, as Phase 1 of the project is 70% complete, the firm reported Tuesday, June 9.
Phase 1 of the development at the former Food Terminal Incorporated complex includes roadwork, utilities, and other infrastructure, and is expected to be completed by end-2015.
The P80-billion ($1.78-billion) mixed-use development located at the East Service Road of the South Luzon Expressway is a 50-50 commercial and residential mix. Commercial lots with an average of 2,500-square meter cut have been sold out across the estate.
ARCA South will also be the main beneficiary of two government roadway projects that will further increase accessibility to the estate.
The Intermodal Transport System, the bus terminal system that will accommodate as much as 4,000 buses and 200,000 commuters, is in the bidding process. The Skyway C5-C6 connector project that will provide one other exit to Makati is currently undergoing engineering design.
ALI Project Development Manager Stephen Comia said that first movers to ARCA South led them to an area that will be driving unprecedented growth in the south, as land values appreciated by 39% in less than a year.
Commercial activity in ARCA South will be kicked off by the Ayala Malls, the first two towers of the ARCA South Corporate Center, and the 265-room Seda Hotel ARCA South. All 3 have ongoing excavation works and will be completed by 2018.
The Ayala Malls will be a 4-level structure and will have around 350 stores plus a supermarket, department store, and 4 cinemas.
ARCA South Corporate Center will offer 24/7 tenant operations and access to major transportation channels, making it ideal for business process outsourcing (BPO) locators. The buildings will have about 8 floors which rise from the retail component in the lower level.
Residential options in ARCA South come with the presence of all 3 Ayala residential brands, namely Ayala Land Premier, Alveo, and Avida.
“They have allowed us to attract different markets to ARCA South by offering a wider range of residential projects. All 3 brands launched individual projects just last year. Across all 3, we already have about 71% sales take-up,” Comia added.
Comia said that apart from increasing access to ARCA South, the government transport projects will also link the area to Makati City and Bonifacio Global City central business districts.
“This will be the center of urban revitalization like no other,” Comia said. – Rappler.com
$1 = P45.06