STI Education Systems Holdings Inc. and Ayala Land Inc. (ALI) will invest P2 billion to P3 billion for a 2.2-hectare “community development” on the land currently being occupied by the Jose Abad Santos Memorial School (JASMS) in Quezon City.
STI President Monico Jacob announced at the company’s annual stockholders meeting that STI has signed a deal with ALI and its unit Amaia Land Corp. for the joint project.
“Just this quarter, we signed an agreement with Ayala Land and Amaia for the 2.2-hectare development in Quezon City, (on a land) formerly owned by Unlad and BPI Trust, where the Jose Abad Santos Memorial School is located,” Jacob said.
“We’re trying to do a commmunity type of development where you have a school, residential component and a mall,” STI Chairman Eusebio Tanco said after the stockholders meeting.
Jacob said that the plan includes the construction of nine-story buildings that would have residential and commercial components, one of which “will house JASMS beside a district mall.”
Tanco, on the other hand, said that the construction will last “one and a half years” soon after they have secured government approvals. Construction will start in March 2015, and will finish in the later part of 2016.
Tanco also said the 2.2 hectares (approximately 22,000 square meters [sqm]) will be developed as follows: 4,000 sqm for its residential component, 2,000 to 3,000 sqm for JASMS, and 8,000 sqm for malls, among others.
The agreement between the two parties, as Tanco said, will involve leasing out the land to ALI and Amaia to proceed with the construction, while STI will take care of the school development.