MANILA, Philippines - Property giant Ayala Land Inc. (ALI) is spending P3 billion to develop the 7.4-hectare UP Integrated School (UP-IS) in Quezon City into a “University Town” that will include retail establishments and a business process outsourcing (BPO) building.
In a disclosure to the Philippine Stock Exchange, ALI chief finance officer Jaime Ysmael said the company was awarded a 25-year lease contract for the property located along Katipunan Ave. by the UP Board of Regents.
The project will involve the construction of retail and office components with 63,000 square meters and 80,000 sqm of gross leasable area, respectively. It is slated to start construction this year with completion targeted in the fourth quarter of 2013.
The contract is renewable for another 25 years by mutual consent, Ysmael said.
UP held a public bidding in November 2010 for the relocation and building of a new UP-IS in a location within the main campus identified by the university, as well as for the redevelopment of the existing site into a mixed-use facility by way of lease.
“After evaluation pursuant to the bidding process, ALI’s proposal was determined and declared as the highest rated responsive bid,” Ysmael said.
“The development of the site presents a good opportunity to service the needs of the students, office workers and residents in the immediate vicinity,” he added.
This would be the second collaboration between the state-run institution and ALI. The first project was the P6-billion UP-Ayala Land Technohub, located along Commonwealth Ave. in Quezon City.