ALI adds P65B in outlay for Makati expansion
Local property giant Ayala Land Inc. has unveiled a new phase of expansion for the Makati central business district (CBD), which will require additional P65 billion in capital outlay for the next five years.
The new phase will bring to P125 billion the additional investments Ayala Land will have poured in for the redevelopment of Makati, which currently accounts for 30 percent of its total business.
In 2012, the property developer unveiled a P60-billion medium-term capital spending for the premier CBD.
Bernard Vincent Dy, ALI president, on Thursday said that Makati would remain the company’s crown jewel, but the group would equally invest in new areas to diversify its portfolio.
Meean Dy, ALI vice president and group head of strategic landbank management group said the new phase of redevelopment would “never be just more of the same.”
Dy said part of the new phase was the development of the corner of Ayala Avenue and Edsa. The company will expand the retail space on that corner of the district and build two brand new hotels, including a Seda hotel, two office towers, and a public transit terminal to improve the link of the MRT with city buses on Edsa and internal transit within the CBD. She added that Ayala Center would have a new business convention facility.
In total, phase two of Makati redevelopment will cover 2.5 hectares of land with 250,000 to 300,000 square meters in gross floor area (GFA).
The P65-billion redevelopment will also include a new masterplan for the north tip of Ayala Triangle Gardens, which is where a 275-room five-star Mandarin Hotel will rise by 2020, Dy said. This is also where ALI would develop 80,000 sqm of “highest grade” office space alongside new dining and retail options with 132,000 sqm in GFA.
Dy stressed that only 13 percent of the open space at Ayala Triangle would be used up and most of the garden would be maintained.
Also, on the corner of Ayala Avenue and Buendia, another gateway to the CBD, dubbed the “young and creative” hub City Gate, will rise. This mixed-use development will cater to the younger set that frequents the area. The first phase of City Gate development will open up 81,000 sqm in additional GFA. A 312-room Seda hotel will also rise in the area.
A 2,600-sqm “civic space” will likewise be constructed within the City Gate area, one which will be set up vertically through a series of terraces. This will include a direct connection to Makati Commercial Estate Association’s existing elevated walkway on Dela Rosa St., which will extend to Makati Medical Center. The walkway will traverse all three blocks of City Gate up to the other side of Buendia, where a pedestrian bridge will cross to the Makati Post Office side.
Meanwhile, Circuit Makati— which used to be the old Sta. Ana race track—is expected to provide 1.4 million sqm for residential, retail and office use upon full development. By April 2015, ALI will open “Circuit Lane” which will showcase the central water feature, another 14,000 sqm of retail space, a 300-seater Blackbox theatre and a chapel.
Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.