ALI allots P65 B for Makati CBD redev’t

MANILA, Philippines - Premier business district Makati, the crown jewel of property giant Ayala Land Inc. (ALI), is up for a P65-billion redevelopment in the next five years that will ensure the relevance and competitiveness of the country’s financial capital.

The fourth redevelopment program in the history of the Makati central business district (CBD) will mark the addition of 800,000 square meters (sqm) of retail and office space, five hotels and 3,700 residential units, ALI executives said yesterday.

“Makati is our crown jewel, it is our commitment for Makati to continue to be relevant,” said ALI president and CEO Bernard Vincent O.  Dy.

Anna Bautista-Dy, ALI vice-president and chief of the Strategic Landbank Management Group, said the Makati CBD is also ALI’s largest source of value as it accounts for 30 percent of the property firm’s earnings.

“Makati will have even more world-class developments, new spots, varied options and exciting events, all made possible by adding another P65 billion to the already committed P60 billion in 2012,” the company said.

In 2012, ALI committed to invest P60 billion for a six-year period to redevelop Makati. With the additional spending, ALI plans to create new products that present more options and opportunities for Makati denizens.

Under the new five-year program program, ALI is focusing on four major areas: the Ayala Center, the North Tip of Ayala Triangle Gardens, City Gate and Circuit Makati.

“Phase 2 of the Ayala Center redevelopment will start beyond 2015 and it will include the development of Ayala Avenue-EDSA corner of the district,” ALI said.

It includes the expansion of the retail space, two new Seda hotels, two office towers, a convention facility and a public transit terminal that improves the link of the Metro Rail Transit with city buses along EDSA and internal transit within the CBD.

Phase 2will cover 2.5 hectares of land area with an additional 250,000-300,000 sqm of gross floor area (GFA). The first phase of the Ayala Center redevelopment was completed in 2012, increasing the gross floor area by 23 percent or 228,000 sqm that includes Raffles Suites and Residences, Fairmont Hotel, and Holiday Inn and Suites.

For the North Tip of Ayala Triangle Gardens, ALI is building 80,000 sqm of high-grade office space and a 275-room brand new, five-star Mandarin Hotel.

“Moreover, to activate the gardens, which will continue to offer a significant open space component, the tip of the Ayala Triangle will have dining and retail options completing the development at 132,000 sqm of GFA,” ALI said.

The third project is City Gate, a new mixed-use development near Buendia Ave. Dubbed as the young and creative hub of the city, City Gate will have 81,000 sqm. of office GFA, a 312-hotel room Seda, and 14,000 sqm of retail GFA.

Lastly, the 22-hectare Circuit Makati, formerly the Sta. Ana race track, will become the entertainment hub of Makati CBD.

“Upon full development, Circuit will have 1.4 million sqm. of GFA for residential, retail, offices, and much more,” ALI said.

In April, Circuit Lane will open to showcase the central water feature, 14,000 sqm of retail GFA, a 300-seater Blackbox theatre, and a chapel. The main mall, hotel and the 1,500-seater performing arts theater will be opened in 2016 and 2017.

Ma. Carmela K. Ignacio, assistant vice-president of ALI’s Strategic Landbank Management Group, said the redevelopment program will add 107,000 employees to Makati CBD, which so far has around 500,000 employees in its various office and retail offerings.