MANILA, Philippines - Ayala Land Inc. (ALI), the property arm of the Ayala conglomerate, hopes to replicate the success of its Technohub project in a new real estate development soon to rise along Katipunan Ave. in Quezon City.
The company is putting up the UP Town Center, a mixed-used development just beside the UP Diliman East Campus.
Jorge Miguel Marco, head of corporate communications of ALI, said UP Town Center will rise on a 7.4-hectare property along Katipunan Ave.
“There will be a mix of top retail stores, offices, restaurants and services that will directly address the needs of the students, workers and residents in the vicinity,†Marco said.
ALI is targeting nearby residents, office workers and students of the schools in the area as its target market.
However, ALI stresses that UP Town Center is unique because of the “green spine†concept.
“Central to the project is the “green spine,†which will be an ideal venue for outdoor events and other convergence activities. It will feature an amphitheater, an outdoor activity center and a sculpture park, which will showcase various installations and art pieces from UP students and alumni,†Marco said.
Through its green spine concept, ALI envisions UP Town Center to provide a perfect setting for academic support activities and social interaction that will promote the close collaboration between industry and the academe.
“The presence of the development’s retail offerings will also play a big role in fostering student advancement as they present opportunities for on-the-job training and incubation of start-up businesses,†Marco said.
In an earlier disclosure, ALI said it is setting aside P3 billion for the development of the facility, which would have a retail establishment of 63,000 square meters and a combination of a headquarter and BPO office-type building with an estimated 80,000 sqm.
The company expects to complete the project by the fourth quarter this year.
The UP Board of Regents earlier awarded the Ayala property firm a 25-year lease contract.
The UP Town Center is one of four development projects the company has lined up this year. Other projects are The District, a mixed-used development at North Point in Talisay, Negros Occidental; the Fairview
Terraces in Fairview, Quezon City; and a community center near the Avida Settings community in Molino in Dasmariñas, Cavite. Avida is a 58-hectare American-themed subdivision.