Ayala Land is planning to redevelop the Hotel InterCon area by 2016.
In an interview with ANC, ALI president Bobby Dy said the property giant is looking to develop another mixed-use development at the InterCon area.
"In 2016, we're going to be looking at the InterCon area, that's a 2 hectare parcel, to have another mixed-use development. The cost would be around P15-billion," he said.
The InterCon, which opened its doors in 1969, is one of the oldest establishments in Makati.
However, Dy said plans have not been finalized for the InterCon property.
"We will probably have to look for a new site for the InterCon. It could actually be there or at another site," he said.
In an earlier press conference, Dy said the company is looking to build a 10,000 sqm convention center at the corner of Ayala Avenue and EDSA, the area where InterContinental Manila currently sits.
This is part of Ayala Land's P65-billion investment in the redevelopment of Makati City.
"Ayala Land started in Makati and continues to be our most significant market, our largest estate. Allotting first P60-billion back in 2012, and increasing to P65-billion we announced last week, is an indication in terms of our commitment to ensure that Makati remains to be our premiere CBD in the country," Dy said.
One of the projects that Ayala Land is pursuing in Makati is the new Mandarin Oriental Hotel. The Mandarin Oriental Hotel is closing its doors this year, but it is scheduled to reopen in 2020 at the Ayala Triangle.
"We plan to break ground at the Ayala Triangle. Our landmark project is the new Mandarin Hotel. It's going to be the second tower in the Ayala Triangle... We will add some retail complement to the development. It will cost P16-18-billion," Dy said.
Ayala Land's subsidiary AyalaLand Hotels and Resorts Corp. has signed a long-term management agreement with the Mandarin Oriental Hotel Group to develop and operate the new Mandarin Oriental hotel.
Source: Abs-cbn news
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