PROPERTY developer Ayala Land Inc. (ALI) said it will spend P12 billion to build the second tower of its Ayala Triangle Gardens, part of the redevelopment of the Makati business district.
The tower, launched in the second quarter of the year, will have about 56,000 square meters of office space. It will be finished by 2020.
ALI said in its presentation to investors that the development brings the company’s pipeline office projects to about 834,000 sq m.
The company aims to triple its office-space portfolio to 1.8 million sq m from 800,000 sq m as of end-2014.
By next year about 198,000 sq m of office space are set to come online. It will include the new headquarters of the Philippine Stock Exchange in Bonifacio Global City.
For the first half of the year, the company increased its office-space portfolio to 633,000 sq m, an increase of 9 percent from last year’s 580,000 sq m. It opened projects like the 10,000-sq-m McKinley Exchange; the office component at Fairview Terraces at 10,000 sq m; a 15,000-sq-m Cebu eBloc; and the acquisition of the 18,000-sq-m Aegis building in Cebu City.
The company posted an occupancy rate of 92 percent, slightly higher than the 91 percent last year with its average lease rate up 5 percent at P669 per sq m per month.
Ayala Triangle Gardens Tower Two will have a 9,000-sq-m retail space designed for high-end shopping experience that will complement the high-end office development and the upcoming new Mandarin Hotel that will be transferred to the northern tip of the Triangle.
The retail space brings Ayala Land’s shopping space pipeline to 600 sq m, likely to be completed by next year through 2017.
The company currently has 2 million sq m of retail space, both operational and under construction, and positions the company to bring its retail space portfolio to 2.3 million sq m by 2020 from 1.2 million sq m last year.
The office and retail developments in Ayala Triangle are part of a P65-billion Phase Two redevelopment plan for the Makati Central Business District.
The development, however, will lessen the available open space at the 7-hectare Triangle Gardens, now becoming popular for joggers who work at nearby offices.
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Makati has become very suffocating this days..now they want to add more malls and condos..If a major disaster happen..It will be an eye opener for everyone