Araneta Center renaissance, P30-B long-term redev’t pushed

MANILA, Philippines - The Araneta Group, one of the pioneers in entertainment and leisure development in the Philippines, is adding more components to flagship project Araneta Center, which is in the thick of a P30-billion long-term redevelopment. 

The construction of six-star hotels, more office buildings, additional residential towers and increased shopping mall space will make Araneta Center a prime mixed-use community in Quezon City, an executive said.            

“The Gateway Mall started the renaissance of the Araneta Center. Because of our experience from Gateway Mall, we are pushing the redevelopment of the entire center, which is supposed to be programmed for 20 years,” said Araneta Group vice-president for operations Antonio T. Mardo.           

Mardo said Araneta Group has allotted P30 billion for the 20-year program that started in 2002.            

The 35-hectare Araneta was created in the 1950s as one of the first      prime commercial districts in Metro Manila. Right now, the mixed-use  property is home to several bus stations, residential condominiums, several shopping malls and a wet market.           

The Araneta Group pursued the expansion and redevelopment program to  make its flagship property still relevant amid the rise of several  central business districts (CBD) in Metro Manila like Ortigas CBD, Makati CBD and Bonifacio Global City.           

Mardo said the massive spending will allow Araneta Center to become a prime CBD in Quezon City through five main components.           

“We are renovating our New Frontier theatre. We are converting that into a live theater for stage shows and music events with a 2,000 plus seating capacity,” he said.           

The Araneta Group also plans to build five more business process  outsourcing buildings near the Araneta Coliseum.          

 “Next year, we will start to construct the expansion of Gateway Mall towards the west side of the coliseum,” Mardo said. To date, Araneta Center has more than 2,000 retail, food, entertainment, and office spaces.           

The shopping mall expansion will include the first Ibis Hotel in the Philippines,

Mardo said. Ibis Hotel, a European economic hotel leader, is part of global hospitality giant Accor Group, which is also the company behind the Novotel Manila-Araneta Center.           

The Araneta Group is also planning to put up two six-star hotels in Cubao, Quezon City.          

For the residential segment, the company is completing the third phase  of Manhattan Garden City. It will also break ground the Manhattan  Plaza late this year or early next year, Mardo said.           

The Araneta Group partnered with Megaworld Central of property tycoon Andrew L. Tan’s Megaworld Group for the residential component in Araneta Center. The four-phase development features 18 residential  towers with 8,500 apartments.           

Araneta Center welcomes around one million visitors daily given its strategic location, which is at the intersection of two major roads Edsa and Aurora Boulevard. It is also directly linked to the two major transit systems Metro Rail Transit 3 and Light Rail Transit 2.