Ayala Land to launch refurbished Makati commercial center in Dec.

Ayala Land Inc. on Tuesday said it is launching a refurbished Ayala Center including a redeveloped Glorietta Mall in December, noting the capital expenditure for the mixed-use project is estimated at P285 billion.   In a disclosure to the Philippine Stock Exchange, Ayala Land said the P3.1-billion redevelopment of Glorietta would yield 34,000 square meters in gross leasable area (GLA) with new retail spaces to open in December.   The property developer said it would open two office towers with a 40,000 sqm in GLA and was estimated to cost P1.9 billion.   Fairmont Hotel and Raffles Suites will open in December, while Holiday Inn & Suites is expected to open in the first quarter of 2013.   ALI said the three hotels have 660 new rooms.   The residential Garden Towers will be launched next month, while Raffles Residences will be ready for turnover before the year ends. — VS, GMA News