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Wednesday, April 23, 2014

Ayala Land unveils 5-year plan to convert former FTI property into business district

Ayala Land Inc (ALI) today unveiled a five-year plan to convert the former Food Terminal Inc complex into the company's latest central business district and gateway to Metro Manila from the south.

In a briefing, ALI vice president Meean Dy said the company is investing P80 billion over a five-year period to develop the first phase of the 74-hectare Arca South, consisting of 870,000 square meters of gross floor area evenly split between residential and commercial use.

The first phase of Arca South will house 3,645 residential units from the AyalaLand Premier, Alveo and Avida brands; nine office buildings catering to business process outsourcing companies; three retail centers; a 200-room Seda Hotel; and a 250-bed QualiMed hospital.

Upon completion, Arca South will accommodate as many as 60,000 residents and 400,000 office workers.

ALI has sold 19 lots ranging from P160,000 to P200,000 per square meter to assist the property company in priming the mixed-use project. The lots are valued at a combined P9-10 billion.

"Arca South is different from various products we developed in the past. All product lines will develop at the same time. We will come in very big in this project that's why we're allocating P80 billion of our funds in this project alone," said Jun Bisnar, ALI vice president and head of operation for Arca South.

Located near the southern ends of major thoroughfares EDSA and C5 and right along the South Luzon Expressway, Arca South is in close proximity to the government’s Southeast Intermodal Transport System (ITS) project, a central station for all provincial buses carrying passengers to and from Laguna, Batangas, Quezon and Bicol. The terminal is expected to accommodate an estimated 4,000 buses and 200,000 commuters a day.

AyalaLand Premier's Arbor Lanes will be the first residential project in Arca South, comprising five blocks of 13-15 storey condominiums. The sprawling garden community will have a total of 1,100 units, with the first block offering 208 units at an average size of 108 square meters, generating P3.5 billion in sales. Turnover has been set to begin in the first quarter of 2018.

Upper-middle brand Alveo expects P9.2 billion in sales from 900 units, while affordable brand Avida targets P5 billion from 1,600 units.

Arca South will have its own version of Bonifacio High Street, a lifestyle mall, and a transit-oriented mall that will be linked to the Southeast ITS project. For a complete shopping experience, ALI will open a regional mall with 150,000 square meters of leasable space.

The lifestyle mall will open in the fourth quarter of 2017 with the bigger mall slated to open three years after.

Nine towers with a gross leasable area of 200,000 square meters will be launched within the next five years, with two expected to be operational by 2017.

The 250-bed QualiMed hospital is set to start offering highly specialized medical treatment by late 2017 or 2018. Around that time, the Seda Hotel will open its doors to the public.

Called a "city in sync," Arca South will be a modern business district equipped with a 24/7 operations center for efficient traffic and road management, and real-time alerts and emergency response. Integrated basement parking will be built to facilitate smoother vehicular flow above and below ground of Arca South, while energy-efficient programs will be instituted.

With the first phase comprising only a fourth of the 74-hectare property, it may take about 15-20 years to develop the entire complex, which the company secured in August 2012 from a government auction.

- Interaksyon

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