Connect with us

Hi, what are you looking for?

News

Ayala Land to kick start Areza estate with retail project

AYALA LAND, Inc. is planning to build a 1,500-square-meter (sq.m.) retail project in its estate in Lipa City, Batangas to kick start commercial operations in the development.

“We’re already planning a small retail project in this area to basically activate the project. We’re looking at a small retail development, probably about 1,500 sq.m. of gross leasing area,” Ayala Land Estate Head for Areza Jay S. Teodoro said in an interview.

“But that’s just to start the project. We normally continue depending on the market conditions,” he added.

On Friday, Ayala Land broke ground for Areza, its 92-hectare master-planned and mixed-use estate in Batangas in which it is investing P9.8 billion for the initial phase.

The development, which is the company’s first estate in the province, is envisioned to be the new downtown of Lipa City.

Areza’s first locator will be the Lipa City Hall, which broke ground in March and is expected to be completed by 2025. The city hall will sit on a five-hectare lot donated by Ayala Land through a partnership.

“In addition, the Department of Agriculture will be operating the food terminal in this location,” Ayala Land President and Chief Executive Officer Bernard Vincent O. Dy.

The initial phase will be the development of 21 hectares of the estate that includes the five-hectare city hall, two-hectare Lipa CIty Trading Center, church, fresh produce market, and small retail area. Up to 15 hectares will be allocated for the gross floor area of commercial projects.

“We already started offering lots. In fact, we got huge interest in the commercial lots in the development,” Mr. Teodoro said.

About 99 lots in the estate will be offered with an average size of 500 to 1,000 sq.m. The starting price for the lots is P60,000 per sq.m. Ayala Land expects around P3 billion from the sale.

“[The P9.8 billion investment] does not include the future investment in the future buildings in the project,” Mr. Teodoro clarified.

According to Mr. Teodoro, Ayala Land has been targeting to develop projects in Lipa City as the property company sees it as one of the most progressive cities in the province.

“We’ve been trying to position in Lipa a long time ago. Though we are able to do so, though we have presence through our residential brands, this is really the first mixed-use estate of Ayala Land in Batangas,” Mr. Teodoro said.

According to Mr. Dy, Areza will be developed with a variety of uses to respond to the needs of locators in the estate.

“We will bring in our projects — our residential from high-end to affordable, we will bring in retail, we will bring in offices as well as hotels and that’s within our product line,” Mr. Dy said.

“Of course, we can’t do this on our own. We need to partner with institutions to make sure that we complete the uses,” he added.

Areza is the 48th estate of Ayala Land nationwide and its fourth estate south of Manila. — Justine Irish D. Tabile

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

News

THE PESO strengthened against the dollar on Tuesday amid easing global oil prices and ahead of an expected increase in remittances due to the...

News

PHILIPPINE STOCKS extended their climb on Tuesday on last-minute bargain-hunting and ahead of the rebalancing of the MSCI. The bellwether Philippine Stock Exchange index...

News

The Government Service Insurance System headquarters in Pasay, Philippines. May 28, 2012. — BW FILE PHOTO THE government financial institutions (GFIs) that will be...

News

REUTERS THE European Chamber of Commerce of the Philippines (ECCP) urged the Philippines to eliminate tariffs on imports of all electric vehicles (EVs) regardless...

News

President Ferdinand Marcos Jr. answers questions from the media after his first Cabinet meeting in Malacañan Palace, July 5. — PHILIPPINE STAR/ KRIZ JOHN...

News

FREEPIK AN Israeli tech investor said a country’s legal system is a major consideration in attracting foreign investment, and urged legislators to reform the...

You May Also Like

News

BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...

News

REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...

News

KARASOLAR.COM TENA, Ecuador — Ecuador’s rainforest Achuar people say their ancestors long dreamed of a “fire canoe” or “electric fish” that would let them...

News

COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...

Disclaimer: Respect Investment.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.