Ayala Land to spend P12B for South Park District development

Listed property developer Ayala Land Inc. will spend P12 billion to bankroll projects for a mixed-use development in the former South Park District in Alabang, Muntinlupa. “The Company is spending P12 billion for the development of South Park District, which includes eight residential towers, two office buildings and a shopping mall, that can house up to 400 shops by 2015,” Ayala Land said in a disclosure to the Philippine Stock Exchange. The project, situated at the 6.6-hectare former industrial area, is under the developer's arm Avida Land Corp. which aims to expand in the south of Metro Manila. Parts of the fund for the mixed-use project forms part of Avida Land's P10-billion capital expenditure for this year. Avida Land spent some P7.5 billion for capital expenditure in 2012. Ayala Land is also spending P20 billion for a five-year development of the 21-hectare Circuit Makati—in the former Sta. Ana Race Track— complete with malls, open-air concert arena, theater and even a football turf. It is also firming up plans for the development of the Food Terminal Inc. property in Taguig City, now called “Arca South,” which the company bought from the government last year. Ayala Land President Antonino Aquino had said the company will focus on integrated mixed-use developments in the coming years. With more Filipinos equipped with newly-found spending power wanting a more dynamic living and working environment, property developers are neck-and-neck in creating mixed-use developments in key cities and surrounding areas. — BM, GMA News