MANILA, Philippines—Property giant Ayala Land Inc. has turned its attention north of Metro Manila as it plans to invest P6.8 billion over the next five years to develop Altaraza, a 98-hectare project in San Jose Del Monte, Bulacan.
“We feel that Altaraza will be a very important piece of property because it is at the crossroads of very important infrastructure projects that the government is putting up,” ALI president Antonino Aquino on Wednesday said during a briefing.
Aquino is referring to the Metro Railway system line 7 (MRT 7), a public-private partnership project that will run from SM City North Edsa to San Jose Del Monte, Bulacan, and link up with both LRT 1 and MRT 3.
The main depot of MRT 7 will be located within the Altaraza development, Aquino said, allowing residents access to an intermodal transportation system alongside a number of key roads to be built in the area.
Although Ayala Land has claimed dominance over valuable tracts in Makati, Bonifacio Global City, Alabang and southern Luzon, the company has since changed tack and is looking to expand to new areas, particularly northern Luzon, Aquino said.
The group has now broken ground for two residential projects in the area—one under the Avida brand and another under Amaia—as well as for the 130-room QualiMed Hospital, a joint venture with the Mercado group.
Edwin Mercado, president of Mercado General Hospital, saw a good market for the new hospital, citing the big population base and the limited capabilities of existing healthcare facilities in the area.
He said the new facility—the third to be built under the partnership with Ayala Land—could be completed by the fourth quarter of next year.
A total of 50 commercial lots are also expected to boost business and economic activity in the area. The complex will also feature a 7,800-square-meter retail development—Central Plaza—and a five-hectare “Rain Garden” that will function as a water detention pond set against the picturesque Sierra Madre mountain range.
Commercial lots under the first phase were sold for P28,000, or at a good premium to zonal value. These lots will be turned over to buyers by the first quarter of next year.
Colegio San Agustin is also set to construct a 20-hectare campus offering primary to tertiary education within the complex. There will also be a church and a sports stadium.
Avida Settings Altaraza, the first house and lot residential subdivision in Altaraza, is developing 12 hectares and offering over 400 units. A 200-square-meter lot costs about P2.6 million while house-and-lot units range from P4.6 to P5.2 million, said company president Chris Maglanoc.
Amaia Steps Altaraza, on the other hand, is the first condominium residential project in the area. It will put up six towers—each with eight or nine stories—on a 1.9-hectare lot and offer about 1,400 units each measuring 23, 30, 40 or 45 square meters priced at around P60,000 per square meter, said Amaia Land president Ricky Celis.