MANILA, Philippines–Property giant Ayala Land Inc. is investing P12 billion to build a mixed-use community project on the former Nestle coffee factory in Alabang, which will mark the first large-scale masterplanned development spearheaded by its unit Avida.
The 6.6-hectare development called “South Park District” along the National Road in Alabang will have eight Avida residential towers, two office buildings, a regional shopping mall and an expansive central park over the next 10 years, top officials said on Tuesday.
“We would like to be able to replicate a subset of what we’ve done in Bonifacio (Global City) and Makati into other urban locations,” ALI president Antonino Aquino said in a press briefing.
The residential component of this project will have three clusters that will bring to the property market 4,000 additional residential units over the next 10 years. The first tower will have 22 storeys gradually rising to 35 storeys for the eighth and last tower.
The first residential condominium offering in the project, Avida Towers Altura, launched its first tower last December, with 433 units consisting of studio, one-bedroom and two-bedroom units ranging in price per unit from P1.8 million to P6 million. The sales value of the first tower is estimated at P1.1 billion.
“South Park District will just be the first of major projects that we are launching this year,” Avida Land president Christopher Maglanoc said. “With the upbeat macroeconomic environment, low interest rates, and growing middle class, we will continue with our expansion into new geographies and new products to cater to our target market of middle class home buyers.”
About 10 percent of the available units in the first tower has been taken up since the project was launched in December, Maglanoc said.
South Park District will also open to the public by the fourth quarter of 2015 a regional mall that will house local and international shops and commercial establishments. The mall is expected to house 400 shops and have about 40,000 square meters of retail space. Atop the shopping mall is a business process outsourcing (BPO) office tower which is expected to generate 16,000 jobs.
The upcoming mall will also have its own public transport terminal, a dedicated taxi bay and lay-by area for public utility buses and jeepneys, covered walkways and waiting areas for the convenience of the District’s homeowners, visitors, mall patrons and BPO workers.
The new project is seen complementing ALI’s roster of developments in the area, such as Ayala Alabang Village, Madrigal Business Park, Alabang Town Center, Ayala Southvale and Avida Towers Alabang.