Ayala buys FTI for P24.3BBy TJ Burgonio
Philippine Daily Inquirer
After lying idle for years, the sprawling Food Terminal Inc. (FTI )complex in Taguig City will soon be developed into a commercial business district.
Executives of Ayala Land Inc. (ALI) led by chairman Fernando Zobel de Ayala on Monday agreed to purchase the 74-hectare FTI property for P24.3 billion from the government in a signing ceremony witnessed by President Aquino in Malacañang.
ALI plans to develop the FTI complex into an integrated mixed-use and business district that will feature retail, dining and entertainment.
“We hope the redevelopment of the FTI complex will lead to a surge in economic activity and increase employment in the city of Taguig and the surrounding metropolitan area,” said Karen Singson, chief privatization officer of the Privatization and Management Office (PMO).
Proceeds of the sale will be used to finance the Department of Agriculture’s agriculture and fisheries modernization program and projects of the Department of Agrarian Reform, Singson said.
“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,” said ALI president and CEO Antonino Aquino who signed for the company.
The PMO had set a floor price of P10.2 billion for the property. At least seven parties had expressed interest in one of the biggest industrial complexes in Metro Manila.
ALI bested the bids of Robinsons Land (P14.7 billion) and Empire East (P11 billion), the Presidential News Desk said.
Located along the South Luzon Expressway, FTI is envisioned to become a key pivotal convergence point and southern gateway to Metro Manila.
The new ALI development will showcase the largest “intermodal transport system” linking various types of transit options to facilitate commuting from various points. The planned Integrated Transport System project of the Department of Transportation and Communication will be set up adjacent to the FTI property and will be linked to the Philippine National Railway station in the area.
Also present at the ceremony were Finance Secretary Cesar Purisima, who signed for the government, Public Works Secretary Rogelio Singson, FTI president Rene Fuentes and Taguig City Mayor Ma. Laarni Lopez-Cayetano.
Short URL: http://business.inquirer.net/?p=92698