Ayala Land firms up plans for Makati's leisure hub
CHERYL M. ARCIBAL, GMANews.TV
04/01/2009 | 04:58 PM
MANILA, Philippines - Property giant Ayala Land Inc. will be spending billions in pesos for the facelift of Ayala Center, which serves as the retail and leisure center of Makati, the Philippines’ premier business district.
Besides spending P7.2 billion for Glorietta 1 and 2 redevelopment, Ayala Land will also put up a four-star businessman's hotel, a company executive said.
Redevelopment will begin with the demolition and excavation of the current location of Glorietta 1 and 2, Maria Victoria Anonuevo, group head for both Ayala Land Businesscapes and Ayala Malls, said.
Proposed plans for the locations include office building development and the construction of 350-room four-star businessman's hotel on top of the mall.
“We will be partnering with an internationally-known brand for this hotel. We are still drawing up the plan for it. We will announce the partnership towards the end of the year," Anonuevo said.
To be completed in 2016, the hotel will have a construction budget of P2.5 billion, accounting for nearly 30 percent of Ayala Center’s entire redevelopment budget.
As a result, the entire Ayala Center will have a total of nine hotels and serviced apartments, including those up for completion such as the Fairmont Hotel, Raffles Hotel and Raffles-branded residential units.
Other hotels in the area are the Makati Shangri-La, the Intercontinental Hotel, the Dusit Thani, the Renaissance Hotel, and the Ascott Serviced Apartments.
Next: Ayala Land earnings for first quarter may decline
Besides spending P7.2 billion for Glorietta 1 and 2 redevelopment, Ayala Land will also put up a four-star businessman's hotel, a company executive said.
Redevelopment will begin with the demolition and excavation of the current location of Glorietta 1 and 2, Maria Victoria Anonuevo, group head for both Ayala Land Businesscapes and Ayala Malls, said.
Proposed plans for the locations include office building development and the construction of 350-room four-star businessman's hotel on top of the mall.
“We will be partnering with an internationally-known brand for this hotel. We are still drawing up the plan for it. We will announce the partnership towards the end of the year," Anonuevo said.
To be completed in 2016, the hotel will have a construction budget of P2.5 billion, accounting for nearly 30 percent of Ayala Center’s entire redevelopment budget.
As a result, the entire Ayala Center will have a total of nine hotels and serviced apartments, including those up for completion such as the Fairmont Hotel, Raffles Hotel and Raffles-branded residential units.
Other hotels in the area are the Makati Shangri-La, the Intercontinental Hotel, the Dusit Thani, the Renaissance Hotel, and the Ascott Serviced Apartments.
Next: Ayala Land earnings for first quarter may decline
