Ayala Land investing P16B in new BGC project

MANILA, Philippines–Property giant Ayala Land Inc. is making another big bet on Bonifacio Global City as it announced on Tuesday that it would invest P16 billion in the development of a 2.6-hectare property in the area into a new mixed-use complex over the next six years.

Ayala Land is launching the project, dubbed Park Triangle, which will include a residential tower, office buildings and a shopping mall, said Anton Sanchez, Ayala Land division manager for project development.

The area will also serve as the site for Kidzania Manila, a global franchise of role playing centers for children, which opens in the summer of 2015.

Park Triangle, located at the crossroads of 32nd Street and 11th Avenue at the northern portion of BGC, will be launched under Ayala Land’s upscale arm Alveo Land Corp.

The development will have three office towers, the first being Park Triangle Corporate Plaza, which was launched in 2014.

The company is also building a five-story shopping mall, which will have 23,000 square meters of gross leasable area and will open by the second quarter of 2018. A 49-story residential tower, called Park Triangle Residences, will rise above the retail complex, Sanchez said.

He added that Park Triangle Residences, which will have 616 units, will cost P4 billion and is expected to generate sales of about P8 billion.

The residential tower will have 1-bedroom, 2-bedroom  and 3-bedroom units, ranging in size from 36 sqm to 232 sqm, and priced from P6.5 million to P44 million per unit. The units will be sold at an average of P175,000 sqm, Ayala Land said.

“Park Triangle Residences will be the only property in BGC to have direct access to an Ayala mall through access lobbies at the ground floor and the fourth floor,” Sanchez said.

Sanchez said the area would be located within BGC’s corporate row, where some of the top businesses and multinational headquarters are located. It also serves as the city’s main thoroughfare to the Makati, Ortigas and Quezon City Central Business Districts.

Meanwhile, 11th Avenue is one of BGC’s main lifestyle strips, passing through Serendra, Bonifacio High Street and soon High Street South, a string of park-oriented retail promenade featuring the city’s top retail, leisure and dining destinations.–Miguel R. Camus