Ayala Land, Cua family launch Circuit Makati project
The Ayala and Cua families launched Tuesday night the 21-hectare Circuit Makati, envisioned to be a “lifestyle playground” that will be the first and only large-scale development in the country hosting three distinct family-oriented entertainment venues.
Now standing at the former horse racetrack of Philippine Racing Club Inc. (PRCI) is a 2,000-square-meter canopy area, which can host up to 800 people and is targeted to be a preferred events venue. This was where ALI and PRCI launched the project.
During the grand launch, Ayala Land Inc. president Antonino Aquino said this project would complete the Ayala group’s development of six nodes in Makati.
In choosing Ayala Land Inc. to be its partner in the project, PRCI is expected to unlock values for the long haul. As the property owner, PRCI will have an economic interest of about 18 percent in the residential development component of Circuit Makati, said ALI executive vice president Bobby Dy.
The complex will have eight to 10 residential towers within the next 10 years, initially carrying the Alveo brand, but ALI will bring in other brands as well, including Ayala Land Premier. Each tower will offer 400 to 450 residential units. Alveo is set to launch the first 40-story tower next month.
The complex will also have 100,000 square meters in gross leasable area (GLA) for office space, targeting a combination of business process outsourcing and traditional offices. These will be available by 2015 to 2016. The retail component will have a GLA of about 45,000 square meters. It will also have a 250-room boutique hotel under ALI’s Seda brand, which should be up and running by 2016.
During the launch, PRCI president Simeon Cua said many developers were proposing to invest in the project but the group had chosen ALI, Makati’s biggest landlord.
“It’s not only because ALI gives good returns on their projects. It’s also because they are experts in township (projects and have a) good management team,” Cua said.
The development will feature the Circuit Theatre, an indoor theater seen to provide a different sensory experience through state-of-the-art audio and visual entertainment. Another feature is the Central Walkway, an interactive walkway that will cross the entire length of the district, highlighted by a distinct water feature flanked by an array of retail and leisure shops. There will be an outdoor theater called the Globe Circuit Events Ground, which will be a venue for street plays, festivals, fashion shows and outdoor exhibits.
An internationally sized football turf will likewise be in operation by the fourth quarter of this year. ALI plans to put up a football school in the area, which will offer other sporting activities like karting and skating.