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By Chino S. Leyco, Reporter
THE Philippines’ biggest
real-estate developer said it will develop a new central business
district (CBD) that will rise in Quezon City.
In a statement, Ayala Land Inc.
(ALI) said it has signed a joint venture agreement with state-run
National Housing Authority (NHA) to develop the 29.1-hectare North
Triangle property.
ALI said the new business
district would cost P22 billion, inclusive of future development
costs and the current value of the property, which will represent
NHA’s share in the joint-venture project.
The property firm expects to
start development within two years.
“ALI’s vision for the
property is consistent with the mandate of the Urban Triangle
Development (TriDev) Commission to rationalize and speed up the
development of the East and North Triangles of Quezon City into
well-planned, integrated and environmentally balanced, mixed-use
communities,” the company said.
ALI bagged the project after the
conclusion of a public bidding the NHA conducted starting October
last year.
“The CBD will be developed as
the Philippines’ first transit-oriented mixed use central business
district that will be a new nexus of commercial activity,” the
company said.
The company said the proposal is
seen to benefit the NHA in achieving its mandate of providing
housing for informal settlers and transforming a non-performing
asset into a model for urban renewal.
The development will also
generate jobs as well as revenues for both the local and national
governments.
“The joint venture also
conforms with the NHA’s vision of a private sector-led and managed
model for the development of the property, similar to the
development experience in Fort Bonifacio,” ALI said.
The new project falls under the
Joint Venture Guidelines of the National Economic and Development
Authority. Other projects being pursued under this scheme are the
Laiban Dam Project of San Miguel Bulk Water Co. and state-run
Metropolitan Waterworks and Sewerage System, and state-run Bases
Conversion and Development Authority’s development of the North
Bonifacio lots in the former military base.
ALI developed the Makati CBD, the
Bonifacio Global City, Cebu Business Park, and Madrigal Business
Park in Alabang.
The property firm is also
building its first themed community in Laguna dubbed as Nuvali,
which promises to become the next Makati CBD.
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