Ayala unit to invest P12-B in Muntinlupa project
MANILA, Philippines (UPDATE) - Ayala-led Avida Land Corp. will be pouring P12 billion over the period of 10 years in developing South Park District, a mixed-use development project in Muntinlupa City.
Avida Land President Christopher B. Maglanoc on Tuesday said the 6.6-hectare project will be located in the previous site of Nestle coffee factory along National Road in Alabang, Muntinlupa.
"It will have an expansive central park, a regional mall with a BPO office, an Avida office which is planned in the future and our Avida residential condos," Maglanoc said in a briefing.
The central park is expected to be finished by end of this year, while the first building of Avida's Altura residential towers and the mall with BPO offices are foreseen to be completed by 2016.
The Avida Towers Altura will have 1,054 units, while the mall will house 400 shops, and the BPO offices will have 8,000 seats which is foreseen to cater to about 16,000 jobs. The mall will also have a transportation terminal to make it accessible to the public.
Antonino T. Aquino, president and chief executive officer at Ayala Land, Inc., said about half of the P12 billion in investments will be frontloaded for the development of the mall and offices.
Avida Land is expected to launch 10,000 units this year from 29 projects, more than the 8,000 units last from around 19 projects, Maglanoc said.
The firm has been increasing its condominiums through expansion in different locations across the country.
"With the upbeat macroeconomic environment, low interest rates, and growing middle class, we will continue with our expansion into new geographies and new products to cater to our target market of middle class home buyers," Maglanoc said.