Six years from now Mandarin Oriental Hotel will have transferred to its new site in Makati’s Ayala Triangle while the Intercontinental Hotel will have closed its doors to move to a new location.
By then, Makati’s central business district (CBD) will be in the thick of a P65-billion redevelopment by the area’s primary developer, Ayala Land, Inc., announced yesterday.
The amount follows a P60-billion investment announced in 2012, which Ayala Land president Bobby Dy said is pre-committed and its destined projects in various stages of completion.
“This is additional investments. If you remember we announced a P60 billion investment in 2012, so basically this is incremental of investments that will take us all the way to 2020,” said Dy.
“What we established then was that Makati will always remain the top priority – our crown jewel, our largest source of value, our most important asset,” added Meena Dy, Ayala Land head of strategic landbank management group.
Dy said it is the fourth redevelopment of the Makati CBD which was once a largely agricultural piece of property in the old Makati of the 1940s.
Covering the P65 billion capital expenditures are four of Makati CBD’s six nodes, with one of the four areas carrying Ayala Land’s own Seda Hotel brand.
Bannering the initiative is the P20-billion redevelopment of the Ayala Center where its 2009 facelift saw the rise of Raffles Suites and Residences, Fairmont Hotel, Holiday Inn and Suites and a number of other residential projects scheduled for development and completion.
Ayala Land said phase two of the development will include two new hotels, two office space towers, a convention center and a public transit terminal that is “better linked” to the Metro Rail Transit and city buses.
“Phase two will cover 2.5 hectares of land area, with 250,000 to 300,000 sq. m. of GFA (gross floor area),” Ayala Land said in a statement.
“This is something we’ve always wanted to do in the Makati CBD and now we have the perfect opportunity to do it. Besides, it’s large enough. It’s at the heart of the Makati CBD. It has the perfect public transit access...it simply will not be more of the same,” said Dy.
Mandarin Oriental Hotel will be transferring to the north tip of Makati CBD, an area that covers 13 percent of the famed Ayala Triangle garden.
Spending P15 billion for the project, the redevelopment of the area will yield not just the 275-room Mandarin Hotel but also an 80,000 sq. m. office space.
Ayala Land said it remains committed to keeping the “beautiful garden” of the property which has been part of the Makati CBD features.
“The office space will open in 2018 and Mandarin will open its doors in 2020,” Dy said.
Ayala Land is spending another P10 billion for the City Gate node of the area which includes the second Seda Hotel with 312 rooms, an office development of 81,000 sq. m., a 14,000 sq. m. of retail space and a 2,600 sq. m. “Civic Space.”
Completing the initiative is the P20 billion additional spending for the 22-hectare Circuit Makati, the former Sta. Ana racetrack that Ayala Land is developing as an extension of the Makati CBD, 1.5 kilometers away.
Ayala Land said upon full development, Circuit Makati will have 1.4 million sq. m. of GFA for residential, retail and offices spaces.
“By April 2015, Circuit Lane will open to showcase the central water feature, 14,000 sq. m. of retail GFA, a 300-seater blackbox theater and a chapel,” Ayala Land said.
“In 2016, the main mall and office will open while the hotel and performing arts theater, a 1,500-seater CCP (Cultural Center of the Philippines)-quality theater at the heart of the development will be launched in 2017,” the company added.
Source: Malaya.com.ph
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