ALI allots P4B for comm’l center construction, mall expansion

Ayala Land Inc. is spending around P4 billion for the expansion of Greenbelt mall and the construction of a commercial center at the depot of the Metro Rail Transit in the North Triangle area in Quezon City.

ALI senior vice-president and chief finance officer Jaime Ysmael said the development of the North Triangle commercial center is estimated to cost about P3 billion. The 200,000-sqm mall is expected to be completed by the first half of 2007 with Landmark as the anchor department store.

The mall will also have a new public transport terminal to be developed in the depot site, which will make the commercial center a major inter-modal transport hub and public convergence point in Quezon City

Ysmael said the remaining P1 billion will go to the construction of Greenbelt 5 with around 30,000 square meters of gross leasable area. The project is expected to be completed in 2007 as well.

ALI president Jim Ayala said the company is also reviewing the old masterplan for Fort Bonifacio to capitalize on emerging opportunities given the continued recovery of the property sector.

"We’re studying the old masterplan. We feel that there could be significant improvements. ALI allots... From B-1

We’re adding new facilities," Ayala said.

In the office leasing segment, ALI is building an eight storey structure for Hongkong ang Shanghai Bangking Corp. (HSBC) in a 12,000-square meter lot in Fort Bonifacio. It is also developing a call center building for INFONXX, a directory call center on a 10,000 square meter lot in Sta. Rosa, Laguna.

The company is planning to develop more build-to-suit office buildings outside the Makati Central Business District. It completed People Support Center in April 2005.

Apart from this, ALI has embarked on its first leisure project called Anvaya Cove, a high-end seaside residential resort community to be developed on over 320 hectares of land in Morong, Bataan.

Ysmael said funding for the company’s projects will come from internally generated cash.

To broaden market reach and tap the growing market of overseas-based Filipinos, ALI will launch new residential projects for the middle-income and mass housing markets and continue to roll out new phases in existing projects including Ayala Westgrove Heights, Ayala Greenfield Estates and Serendra.

"As the company builds up its product portfolio across a wider market, it will continue to put emphasis on cost efficiency to preserve margins and deliver the best value for money for its customers," ALI said.

ALI said the new product offerings will be complemented by intensified sales and marketing efforts to attract more clients.

ALI, which builds upscale malls, high-rice offices and residential developments, continues to pursue growth opportunities including new products and projects in new geographic areas and markets. When completed, these projects are expected to significantly augment the company’s recurring revenue stream.