MANILA - Real estate giant Ayala Land Inc. and state-owned National Housing Authority (NHA) have entered into a joint venture deal to develop the 29.1-hectare North Triangle Property in Quezon City into a central business district.
The joint venture marks the conclusion of a public bidding for the project that began on October 3, 2008, Ayala Land said in a statement.
Based on the proposal that Ayala Land submitted to the government, the North Triangle Property will be developed as the Philippines' first transit-oriented mixed-use business district that is well-planned, integrated and environmentally balanced.
The project is estimated to cost P22 billion, inclusive of future development costs and current value of the property, which Ayala Land and NHA will contribute as their respective equity share in the joint venture. The parties expect to start construction in 2 years.
Aside from generating fresh jobs and revenues for the government, the new development will help the NHA in achieving its mandate of transforming non-performing assets into income-generating ones, and providing housing for informal settlers. The NHA is set to relocate thousands of families presently occupying the property.
"Ayala Land's track record, strong branding, and ability to attract top locators will ensure that the development will achieve its highest potential value," the company said.
In the development and management of business districts, Ayala Land's signature projects include the master-planned Makati business center, Bonifacio Global City, Cebu Business Park, and Madrigal Business Park in Alabang, Muntinlupa.