Ayala Center gets P28.5-billion makeover


Posted at Oct 29 2012 07:48 PM | Updated as of Oct 30 2012 06:10 PM

MANILA, Philippines - A revitalized Ayala Center in Makati City will be launched before the end of the year, after a P28.5 billion redevelopment.

Property developer Ayala Land Inc. (ALI) on Monday said the redevelopment of Glorietta Mall and nearby areas is on track, with new residential, hotel and office projects set to open soon.

"As we pursue our growth strategy with the development of other business districts in Metro Manila and across the country, we will continue to enhance Makati so it maintains its place as the premiere destination in the Philippines," said Ayala Land President and CEO Antonino
T. Aquino.

"Makati began the trend of masterplanned communities in the Philippines over 50 years ago. It will remain a prime example of sustainable urbanization, and the main vehicle for transformation this year is the Ayala Center."

Glorietta, with 3 floors of retail, 2 levels of basement parking and a new Activity Center, will serve as the anchor development of the new hub. The Glorietta's facelift cost P3.1 billion.

Two office towers, which have a gross floor area of 50,000 square meters, were built at a cost of P1.9 billion.

Two hotels, Fairmont Makati and Raffles Makati, will be opening in December. Both hotels, accessible from Makati Avenue, will share a 30-story tower with Raffles Residences Makati (RRM) which will occupy the 11th to the 30th floors.

A third hotel Holiday Inn & Suites is set to open in April.

Ayala Land Premier will soon launch Garden Towers, a 2-tower residential development which will be ready for turnover in 2019. ALP's Park Terraces, which is now 84% sold, will have its first residential tower ready for turnover to residences in 2015.The second tower will be ready in 2016 and third one in 2017. - With report from Lois Calderon, ANC