Ayala land to invest P3-B to develop University Town in U.P.
MANILA, Philippines - Ayala Land plans to develop a property of the University of the Philippines Integrated School (UP-IS) along Katipunan in Quezon City for P3 billion.
In a disclosure to the stock exchange, the premier property developer said it plans to convert the UP Diliman East Campus, also known as UP-IS, into a mixed-use development.
Ayala Land said it envisions a University Town concept consisting of mixed-use retail and office components with firm emphasis on academic support facilities.
"The development of the site presents a good opportunity to service the needs of the students, office workers, and residents in the immediate vicinity. this will be the first of its kind in the country to reflect a strong collaboration between academe and industry," the property firm said.
Under the plan, Ayala Land will construct retail establishment of 63,000 square meters of available gross leasable area and a combination of a headquarter and BPO office type building with a estimated 80,000 square meters of GLA. the prject with has an estimated porject cost of P3 billion is scheduled to break ground within the year and is expected to be completed by the fourth quarter of 2013.
This came after the Board of Regents of the state school has awarded the Ayala property firm a 25-year lease contract.
"UP conducted a public bidding last November 2010 for the relocation and building of a new UP-IS in a location within the main campus identified by the University as well as the redevelopment of the existing sitte along Katipunan Avenue into a mixed use facility by way of lease. After evaluation pursuant to the bidding process, Ayala Land's proposal was determined and declared as the highest rated responsive bid," Ayala Land said.
Ayala Land is also the developer of UP-Ayala Lnd TechnoHub is located in Barangay UP Campus on Commonwealth Avenue in Quezon City . It occupies 20 hectares within the 37.5 hectares of the UP North Science and Technology Park