MANILA – Ayala Land Inc. (ALI) is investing P65 billion in Makati as it introduces new property features within the city in the next five years.
The new investment is on top of the P60 billion ALI committed for a six-year period at the launch of its Make it Happen, Make it Makati initiative in 2012 that saw the developer defining six districts in the city.
“What we established then was that Makati will always remain our top priority—our crown jewel, our largest source of value, our most important asset,” said Meean Dy, vice president and group head of the Strategic Landbank Management Group.
With the additional investment, ALI plans to establish new developments as well as improve on the already existing developments established in 2012.
The six districts established include McKinley Exchange as the transport hub, Ayala Center as “the lifestyle cosmopolitan hub”, Makati Central Business District as the business hub, Ayala Triangle Gardens as “the urban oasis,” Circuit Makati as the entertainment hub, and the newest district, City Gate as “the young and creative hub”.
“There will always be a place to eat, to work, to live, to relax—all within a short walk. This is what we aim to achieve with the six nodes,” Dy said.
With the new investment, phase two of the Ayala Center redevelopment is set to begin in 2015 and will include the development of Ayala Avenue-EDSA corner of the district.
It will comprise of an expansion of retail spaces, two new hotels including ALI’s Seda, two office towers, and a public transit terminal that improves the link of the MRT with city buses along EDSA and internal transit within the Central Business District (CBD).
Phase two of the Ayala Center redevelopment will also see the establishment of a business convention center. In total, phase two will cover 2.5 hectares of land area with 250,000 to 300,000 sq. meters GFA target.
Ayala Center started the first phase of its redevelopment last 2009 and was completed in 2012.
Meanwhile, Ayala Triangle Gardens will also see a new development on its north tip. The development will include 80,000 square meters of office space and the renovated Mandarin Hotel. It will also include an open space dining and retail component, completing the development at 132,000 square meters of gross floor area (GFA).
Circuit Makati, ALI’s mixed-use entertainment district launched in 2012, is also currently undergoing new developments.
Since its launch, Circuit has hosted music festivals such as Wanderland and Close Up Forever Summer and opened the Gatorade-Chelsea Blue Pitch, Mountain Dew Skate Park, and City Kart Racing.
Upon full development, it will have 1.4 million sq. meters of GFA for residential, retail, offices, and more.
By April 2015, ALI expects Circuit Lane to open, showcasing a central water feature, 14,000 sq. meters of retail GFA, a 300-seater Blackbox theater, and a chapel.
In 2016, the main mall and office are expected to open while the hotel and the Performing Arts Theater, a 1,500 seater “CCP-quality theater” is set to be launched in 2017.
In 2018 and 2019, Alveo Solstice Towers 1 and 2 which are already 79% and 17% sold, respectively, are expected to be completed.
ALI also earlier held a groundbreaking for its newest project, City Gate, which is seen to be “the young and creative hub of the city.”
Situated on the corner of Ayala Avenue and Buendia, City Gate is planned as a mixed-use development envisioned to have a more creative edge.
In an effort to cater to the younger set that frequents the area, phase one of the project will focus on building 81,000 sq. meters of office GFA,14,000 sq. meters of retail GFA, and the 312-room Seda hotel.
A 2,600 sq. meter civic space is also planned for the area. It will be accomplished vertically through a series of terraces. The space will include a direct connection to Makati Commercial Estate Association (MACEA)’s existing elevated walkway along Dela Rosa which will extend to the neighboring Makati Medical Center. Once completed, the walkway will traverse all three blocks of City Gate all the way to the other side of Buendia where a pedestrian bridge will cross to the Makati Post Office side.
“In the next five years, our investment in Makati will only intensify,” Dy said. “It will not be simply more of the same.”
