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||29 August 2009
Philippine property firm plans new business district
Ayala land will develop a new central business district (CBD) in Quezon City, the Manila Times reported, quoting the Philippines’ biggest real estate developer.
In a statement, Ayala Land Inc. (ALI) said it has signed a joint venture agreement with state-run National Housing Authority (NHA) to develop the 29.1-hectare North Triangle property.
ALI said the new business district would cost P22 billion, inclusive of future development costs and the current value of the property, which will represent NHA’s share in the joint-venture project.
The property firm expects to start development within two years.
“ALI’s vision for the property is consistent with the mandate of the Urban Triangle Development (TriDev) Commission to rationalize and speed up the development of the East and North Triangles of Quezon City into well-planned, integrated and environmentally balanced, mixed-use communities,” the company said.
ALI bagged the project after the conclusion of a public bidding the NHA conducted starting October last year.
“The CBD will be developed as the Philippines’ first transit-oriented mixed use central business district that will be a new nexus of commercial activity,” the company said.
The company said the proposal is seen to benefit the NHA in achieving its mandate of providing housing for informal settlers and transforming a non-performing asset into a model for urban renewal.
The development will also generate jobs as well as revenues for both the local and national governments.
“The joint venture also conforms with the NHA’s vision of a private sector-led and managed model for the development of the property, similar to the development experience in Fort Bonifacio,” ALI said.
The new project falls under the Joint Venture Guidelines of the National Economic and Development Authority. Other projects being pursued under this scheme are the Laiban Dam Project of San Miguel Bulk Water Co. and state-run Metropolitan Waterworks and Sewerage System, and state-run Bases Conversion and Development Authority’s development of the North Bonifacio lots in the former military base.
ALI developed the Makati CBD, the Bonifacio Global City, Cebu Business Park, and Madrigal Business Park in Alabang. The property firm is also building its first themed community in Laguna dubbed as Nuvali, which promises to become the next Makati CBD.
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