Ayala Land to spend P5B for mixed-use project in Manila

Developer Ayala Land Inc. has set aside some P5 billion for the development of an integrated retail, commercial and residential community in a six-hectare property near the University Belt in Manila. The project, called Celadon Manila, is a joint venture between ALI and Manila Jockey Club, which used to own the property along Felix Huertas street. The project will be built on what was formerly the San Lazaro Hippodrome. "P5 billion is only the investment that Ayala Land will be pouring in. Manila Jockey will also be infusing equity besides contributing the lot," Nerissa Josef, Community Innvotaions vice president, said on Thursday. Community Innovations is a unit of Ayala Land. The residential component will be getting P2.5 billion out of ALI's investment. The space allotted for the residential developments, Celadon Residences and Celadon Park, accounts for 5.2 hectares of the total property. Celadon Residences, which will be a gated community of townhouses, will be occupying 4.2 hectares, while Celadon Park will occupy one hectare. The townhouses will sell for between P9.5 million and P12.5 million each. The residential condominiums, which will have floor area from 49 square meters to 295 square meters, will be priced anywhere between P3.8 million and P8.6 million. Josef said the company will be turning over some 40 townhouse units, which will be the first batch, to their owners by the latter part of the year. Celadon Park will have four towers which will house 600 units. The high-rise, which will have 21 floors to 27 floors, are expected to be completed in 2010. The BPO development will have two towers with a total gross leasable area of 40,500 square meters. Ma. Carmela Ignacio, ALI senior division manager for corporate business, said the project will be the first BPO building development in Manila City. "The location is strategic because BPO companies would be near where the universities are and it would be good for them to have a link to these schools," she said. The retail component, Shops at Celadon, will get a 3,000 square meter area and will be primarily located in the ground floor of the BPO buildings. Other shops will be integrated near the residential projects of the development. - GMANews.TV