Saturday, 29 August 2009

Ayala Land inks deal to build new QC business district

Kristine Jane R. Liu

Ayala Land, Inc. has inked an agreement with the government to develop a Quezon City property into a central business district similar to Makati and Fort Bonifacio.

In a statement Friday, Ayala Land said it signed a joint venture agreement with the National Housing Authority (NHA) on Thursday to develop the 29.1-hectare North Triangle Property, portions of which have been occupied by shanties.

The listed property firm expects to start the P22-billion development two years from now.

The country’s biggest real estate developer said the business district would become the country’s first "transit-oriented, mixed-use central business district that will be a new nexus of commercial activity."

"The company aims 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," Ayala Land said.

Ayala Land said the plan was consistent with the mandate of the Urban Triangle Development 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."

"[Our] track record, strong branding, and ability to attract top locators will ensure that the development will achieve its highest potential value. In the development and management of central business districts (CBDs), Ayala Land’s signature projects include the master-planned Makati CBD, Bonifacio Global City, Cebu Business Park, and Madrigal Business Park in Alabang."

The signing of the agreement concluded the public bidding process conducted by the NHA in October last year. Ayala Land’s proposal was approved and declared by the NHA as compliant with the terms of reference for the public bidding and the National Economic Development Authority’s Joint Venture Guidelines earlier this year.

Shares in Ayala Land did not move at P10.75 apiece on Friday.

1 comment:

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