MANILA, Philippines - Property giant Ayala Land is planning to turn the former FTI complex into the country's next premier central business district (CBD).
On Tuesday, ALI unveiled its plans for its master-planned project --Arca South.
Meean Dy, ALI Vice President and Strategic Landbank Management Group Head, said the company has allocated P80 billion for the development of the first phase of Arca South.
Arca South, located near the southern ends of EDSA and C5, and along South Luzon Expressway, is envisioned as the entrance to Metro Manila from those coming from the south.
"Since 18 months since we won the property, we are on our way to realizing our goal of another premier central business district for the country," Dy said.
In November 2012, ALI won the bidding for the 74 hectares of the FTI complex with its P24.3 billion bid.
Dy said there are three factors that make Arca South ideal as a central business district: scale, location and access.
At 74 hectares, she noted Arca South is the size of Makati CBD (92 hectares) and Bonifacio Global City center (39.7 hectares). It is also strategically located, just about six kilometers from Makati CBD and BGC.
Dy said Arca South is also capitalizing on two important government infrastructure projects - the Southeast Intermodal Transport System (ITS) project and the Skyway and C5/C6 connector road project.
The Southeast ITS project will be located on a 5.5-hectare parcel reserved by the government, beside Arca South. DOTC is expected to bid out the ITS project within the year. It is expected to accommodate an estimated 4,000 buses and 200,000 commuters every day.
On the other hand, the Skyway and C5/C6 connector road project will include access ramps to Arca South as well as separate ramps going to the Southeast ITS.
"As is typical for an Ayala Land development, the heart of the city will be a highly 'pedestrianized' center. In its full development, the 74 hectares of Arca South will have a built out area of 3.6 million square meters of gross floor area, roughly as large as the BGC you see today," Dy said.
She that 40% of Arca South will be dedicated to open spaces.
The development of Arca South will be done in phases.
"For phase 1 alone, which is the first 5 years of the development, you can expect the following: ALI will invest a total of P80 billion in Arca South and launch 870,000 of gross floor area, with a roughly 50-50 split between residential and commercial use," Dy said.
Ayala's residential brands - Ayala Land Premier, Alveo and Avida - will be launching projects that will offer 3,645 residential units in Arca South.
The first project to be launched is Ayala Land Premier's Arbor Lanes.
There will also be three retail areas in Arca South - its own version of Bonifacio High Street, a transit-oriented mall to be linked to the Southeast ITS, and a regional mall with 150,000 sqm of leasable space. It will also have a 200-room Seda Hotel.
Dy said ALI will also be launching 9 BPO buildings with a total 200,000 sqm of gross leasable area in the next five years. The first two buildings will be operational by 2017.
ALI is also planning to build a 250-bed quarternary hospital, which is capable of the highest level of treatment, in Arca South. The hospital is under "QualiMed Hospital", ALI's joint venture with the Mercado Group.
For Phase 1, ALI has already sold 19 commercial lots, with an average selling price of P160,000 per sqn,
"What we are doing in Arca South is no different from what we did with Makati and BGC, we sold some lots of parties who eventually will help prime the development but we took the responsibility in putting in the elements required for a city - residential, institutional, retail, office, hotel and even a hospital. The only difference with Arca South is we are doing it all at the same time, instead of one by one," Dy said.