AYALA Land Inc. (ALI) can now commence the planned development of the Food Terminal Inc. (FTI) in Taguig City in Metro Manila into a new business district, after company officials and that of their government counterparts finally signed on Monday the P24.3-billion purchase agreement for the property.

President Benigno Aquino 3rd witnessed the signing of the deal in Malacañang. It is considered to be one of the largest in the history of government privatization that can be attributed to the administration’s policy on transparency and competitive bidding.

Signing for the government was Finance Secretary Cesar Purisima who was joined by Public Works Secretary Rogelio Singson; chief privatization officer Karen Singson of the Privatization and Management Office; FTI President Rene Fuentes and Mayor Maria Laarni Lopez-Cayetano of Taguig City.

On the other hand, ALI was represented by its chairman Fernando Zobel de Ayala and President and CEO Antonio Aquino.

ALI officials said that the property will serve as its southern gateway into Metro Manila as it is strategically located along the South Luzon Expressway (SLEX) and is very close to the Skyway and C-5 road.

ALI will transform the 70-hectare property into another business district and bring all its product lines into the development. This will add to the company’s increasing portfolio of business districts, which include Makati City, Bonifacio Global City, Vertis North in Quezon City and Cebu Park District.

“The development of what will be the next premiere CBD of Metro Manila is another milestone that we are very pleased to be embarking on,” Fuentes said.

Moreover, he said that economic activity will be spurred in the area, which will feature convenience-centric retail and dining and entertainment offerings set within generous open spaces surrounded by pockets of greens. This will promote social and active community life.