ALI to invest additional P10 B billion hasten Global City development

MANILA, Philippines – Ayala Land Inc. (ALI) is investing an additional P10 billion in Bonifacio Global City (BGC) as part of a plan to accelerate the development of the booming business district.

In a press briefing yesterday, ALI president and chief executive officer Antonino Aquino said the company has already invested P20 billion in Serendra over the last six years – the largest investment ever made by the group to date – and expects to shell out P10 billion more to build the last premier high-rise residential tower within the 12-hectare One Serendra and expand the office, retail and restaurant strip as well as construct a boutique hotel and the country’s first world-class science museum.

 “We will continue to develop BGC for the convenience and fulfillment of the people who enjoy living, working and coming here,” Aquino said.

ALI senior vice-president Rex Mendoza said the company is spending P4 billion to develop the 52-story West Tower – which will be the last installment of the major phases that will complete One Serendra. Located on the corner of 11th Avenue and 32nd St., the West Tower will offer a total of 372 one-bedroom, two-bedroom and three-bedroom units units starting at P8.5 million each.

A special unit with a size of 400 square meters and a swimming pool costs P75 million.

Turnover of the units is targeted on July 2015, Mendoza said. 

Mendoza said the value of the lots in BGC have appreciated by 50-60 percent from only P90,000 in 2004 to the present P150,000.

He said the 42-story East Tower registered a consistently high take-up since its launch in March 2008 and is ready for turnover to its buyers in 2012. The East Tower is the first of two high-rise structures that make up the final phase of One Serendra.

 “We’re seeing a remarkable resurgence in demand for the high-end segment of the property market,” Aquino said.

He said the company is ready to launch towards the end of the year its boutique hotel which is being positioned as a businessman’s hotel. The pilot site will be located in front of the West Tower, he said.

 “We feel very strongly about this. We’re confident that it would satisfy all the needs of business travellers,” he added.

One Serendra offers a luxury of space with its bigger unit sizes and low-density development, together with themed gardens and such country club-like amenities as an exclusive spa.

One Serendra is under Ayala Land Premier, the high-end business unit of ALI.

Aside from One Serendra, Ayala Land Premier’s other products include Abrio in Nuvali in Laguna, Westgrove Heights, located along the rolling hills of Silang Cavite; Anvaya Cove, seaside villas and leisure lots in Bataan; Montecito, a high-end residential subdivision in Old Canlubang; and Ayala Greenfield Estates in Calamba, Laguna.

ALI together with Evergreen Holdings Inc. of the Campos Group fully acquired Fort Bonifacio Development Corp. in 2003.

ALI vision is to make it a dynamic, thoroughly modern district and community that will feature a mix of commercial, residential and retail areas since the former military complex is billed as the next business district due to its central and strategic location.