Ayala Land invests P65B more in Makati
AYALA Land Inc. (ALI) is investing an additional P65 billion in the city Makati to cement its status as the country’s leading district for business, lifestyle, entertainment, and culture.
Meean Dy, Vice President and Group Head of the ALI’s Strategic Landbank Management Group, said new property features will be introduced within the city in the next five years.
“Makati will always remain our top priority—our crown jewel, our largest source of value, our most important asset,” Dy said.
In 2012, ALI committed to invest P60 billion over a six-year period in developing Makati further.
With the additional P65 billion investment, ALI plans to create more options and opportunities for the people of Makati while continuously enhancing what the city has to offer.
The six nodes that were established in 2012 were the McKinley Exchange, the transport hub; Ayala Center, the lifestyle cosmopolitan hub; Makati Central Business District, the premier business hub of the country; Ayala Triangle Gardens, the urban oasis; City Gate, the young and creative hub; and Circuit Makati, the entertainment hub.
“There will always be a place to eat, to work, to live, to relax—all within a short walk. This is what we aim to achieve with the six nodes,” said Dy.
Ayala Center, the lifestyle cosmopolitan hub of the city, started phase one of its redevelopment in 2009 and was completed in 2012.
It has since experienced an increase of 23 percent or 228,000 square meters in gross floor area (GFA). That includes three big hotels — Raffles Suites and Residences, Fairmont Hotel, and Holiday Inn and Suites, which brought up to 3,000 the number of hotel rooms within Ayala Center that continue to post the highest occupancy levels in the country.
In addition, a revitalized Ayala Center found itself with successful residential towers to add to its wide array of shopping, entertainment and cultural offerings.
The Residences at Greenbelt and Park Terraces have been fully sold, while the Garden Towers currently has a 77 percent take-up.
As of today, The Residences at Greenbelt has about 2,800 residents living in Ayala Center, and the first residents of Park Terraces will be able to move in by March 2015.
Phase two of the Ayala Center redevelopment will include the development of the Ayala Avenue-EDSA corner of the district.
This will consist of an expansion of retail spaces, two brand new hotels including ALI’s Seda, two office towers, and a public transit terminal that enhances the link between the MRT and city buses along EDSA and internal transit within the Central Business District (CBD).
Moreover, Ayala Center will have a new business convention facility that will be at the heart of phase two.
In total, phase two will cover 2.5 hectares of land area, with 250,000 to 300,000 square meters of gross floor target. RITCHIE A. HORARIO