Property giant Ayala Land Inc. (ALI) is set to complete the first phase of the P28.5-billion redevelopment of its crown jewel, the Ayala Center, by December this year, in line with its goal to convert Makati City into a premier regional center in Southeast Asia.
In a briefing yesterday, ALI president and chief executive Antonino T. Aquino said the Ayala Center facelift is the group’s most ambitious program and biggest investment in a singular area to date.
The first phase will bring to the market 214 new retail outlets with a gross floor area of 54,000 square meters and two office buildings with a GFA of 50,000 sqm, new residential towers and three new hotels – Holiday Inn & Suites, Fairmont Makati, and Raffles Makati – offering a total of 660 additional rooms.
Aquino said the project ensures the transformation of Ayala Center into Makati’s cosmopolitan lifestyle hotspot with a captive market.
“This is consistent with ALI’s thrust of continually developing large-scale, mixed-use urban hubs in the country. As we pursue our growth strategy with the development of other business districts in Metro Manila and across the country, we will continue to enhance Makati so it maintains its place as the premier destination in the Philippines,” Aquino said.
“Makati began the trend of master-planned communities in the Philippines over 50 years ago. It will remain a prime example of sustainable urbanization, and the main vehicle for transformation this year is the Ayala Center,” Aquino added.
Aquino said the reinvigorated Glorietta will offer three floors of retail, a new activity center, and two levels of basement parking when it opens its doors in December. The redevelopment cost was pegged at P3.1 billion.
Encouraged by brisk sales of the upscale Park Terraces, Ayala Land Premier will soon launch Garden Towers, a two-tower residential project slated for turnover to buyers in 2019.
Bobby Dy, head of ALI’s Residential Business Group, said the first tower will comprise 340 units with an average size of 140 square meters. Unit prices range from P10 million to P140 million.
Dy said the special units will be sold for P100 million to P140 million each or P175,000 per sqm.
The Park Terraces is now 84 percent sold since its launch in 2010. Its first tower will be turned over to residents in 2015 and the two other towers by 2016 and 2017.
Also to open in December are the 280-room Fairmont Hotel and the 32-room Raffles Makati All suite-hotel to cater to affluent business and leisure travelers. Both hotels, accessible from Makati Avenue, are the newest luxury accommodations to rise in the last two decades in Makati.
The two hotels will share a 30-story tower with Raffles Residences Makati which will occupy the 11th to the 30th floors.
By April 2013, the 348-room Holiday Inn and Suites Makati, one of the most recognized brands globally, will offer spacious guest rooms and comfortable workspaces for both business and leisure travelers.
The Ayala Center redevelopment forms part of the P60-billion five-year capital expenditure program for six distinct and complementary districts. The five other districts include Makati North (young and creative), Makati central business district (business), Ayala Triangle Gardens (urban oasis), Makati South (transport hub), and Sta.Ana (Makati’s entertainment district) covering a total of 70 hectares.
The Philippine Star
30 October 2012
By: Zinnia B. Dela Peña