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Ayala Land says 'No' to gambling, pours P20-B into Sta. Ana mixed-use devt
Listed-Ayala Land Inc. is not looking at investing in gaming hubs.
The property developer is instead focusing on mixed-used communities, particularly in its planned 21-hectare Circuit Makati – a residential, commercial, and entertainment hub to rise in the former Sta. Ana Race Track.
“No to gaming, it's too risky,” Antonino Aquino, Ayala Land President, told reporters in a briefing Friday. “There are growth opportunities in other areas like retail, residential, among others.”
The company's core objective is to build “integrated mixed-use developments. Ayala pioneered in this particular product, and it really represents the types of product that we have,” said Aquino.
The Sta. Race Track was relocated in Cavite province, where the San Lazaro Race Track was also relocated after it was bought and developed by SM Prime Holdings Inc. into a shopping mall.— VS, GMA News
For the first phase of the Circuit, Ayala Land is funneling P20-billion into the project that is targeted for completion in 2016.
Phase 1 includes a 1,500-seater performing arts venue that will showcase Filipino talents, as well as
P2.5-billion 40-story residential tower and a P2-billion 250-room contemporary hotel.
The highlight of this development is a 600-meter “interactive” walkway flanked by an array of retail and leisure shops as well as areas for more intimate shows, recitals and workshops.
In the same briefing, Ayala Land executive vice president Bobby Dy noted some 45,000 square meters (sqm) of gross leasable area will accommodate retail shops including 15,000 sqm for the walkway and 30,000 sqm for a new mall.
On Tuesday, Jan 15, the Circuit Events ground – a 2-hectare open air venue for international and local acts – will be officially unveiled.
Later this year, the Circuit will also open an area for urban carting, a skate park, and a football turf for both international matches and football school.
'Dynamic urban hub'
'Dynamic urban hub'
“In five years' time, it will rise as a dynamic urban hub seamlessly complementing the distinct taste for living, leisure and lifestyle of today's modern urbanites,” said Aquino.
“The whole area will be utilized. Through this, we will be able to ensure that there is synergy in all elements of this community,” he said.
On where the idea for the Circuit came from, Ayala Land vice president for strategic landbank management group Meean Bautista-Dy said the company drew inspiration from world-renowned lifestyle centers like Ginza in Tokyo, Japan and the Garment District in New York City.
“We've done extensive research as we want to build a lifestyle area, a cultural hub here in Makati. If it's possible in these cities, why can't we build it here,” she noted.
Office spaces will rise as Ayala Land earmarked 100,000 sqm in GLA for traditional offices and business process outsourcing companies, said Dy, the executive vice president.
The five-year development project is part and parcel of P60-billion project encompassing six nodes in Makati City.
It is under the “Make It Happen, Make It Makati” campaign in partnership with the local government of Makati and the Makati Commercial Estate Association Inc. (MACEA).
The Circuit is a partnership with the Philippine Race Club Inc., which will receive 18 percent from the residential project. Rates for other projects, said EVP Dy are still being finalized.
