MANILA, Philippines (UPDATE) - Ayala Land Inc. (ALI) and partners Evergreen Holdings of the Campos group and Fort Bonifacio Development Corp. are spending P30 billion to turn a 2.8 hectare property in Bonifacio Global City into a mixed use development with a three-level prime retail shop, a luxury residential tower, and the new PSE tower.
This is Ayala's biggest investment in one area.
ALI President Antonio Aquino said the "superblock," with a prime address One Bonifacio High Street, will be the centerpiece of the 1-kilometer Bonifacio High Street, which he said would be 'better' than Ayala Avenue
The new PSE Tower will house the unified stock exchange and should be completed by late 2016 or early 2017.
"The launch of One Bonifacio High Street is consistent with Ayala Land's thrust of continually developing large scale, mixed use urban hubs in the country," ALI said, in a disclosure to the stock exchange.
The Suites, an all-suite residential tower will be developed by Ayala Land Premier. It is a 63-storey tower with 298 residential suites and "limited edition sky villas." The units range from 136 to 430 square meters, priced at P188,000 per square meter.
The Suites project was launched only last June 24, and units sold like hotcakes. "There are only 3 units available for sale to date," ALI said.
Aquino said demand even for premium properties is good, and "property values are protected" because of competition.
He said developers can't jack up prices just because of high demand, mostly coming from local buyers. "That's what will create a bubble," he said.
Asked about competition with Trump Tower Manila launched Tuesday and whose units are within the same price range, Aquino said Ayala's "defining element is location."
Asked about developing a property in Ortigas amid rumors of Ortigas family favoring them over Henry Sy, Aquino only said: "Obviously, we'd like to have presence in all major urban centers."
Ayala Land is also expanding its Trinoma property to include a residential component.