ALI funnels P12 B for South Park District in Alabang

MANILA, Philippines - Ayala Land, the property arm of the Ayala Group, has earmarked P12 billion for the development of the 6.6-hectare South Park District in Alabang, Muntinlupa.

ALI’s business units have so far spent an estimated P5.4 billion for the first phase of the mixed-used district, which is targeted for completion by 2018, company officials said yesterday.

In a briefing, Raquel Cruz, head of Avida’s Corporate Planning Group, said the first phase of the project includes the 4.5-level Ayala Malls South Park, the six-floor South Park Corporate Center, a transport terminal, a plaza and two Avida residential towers.

The residential buildings, Altura 1 and 2, will have a total of 1,054 residential units and seven retail spaces.

“Anchoring the estate, as its name implies, is an 8,000-square meter Central Park. All parts of the development are accessible through the Central Park, which consists of a plaza with a water feature and iconic sculptural art pieces as landmark, a Grand Lawn for active play and outdoor events, and a residential park for South Park residents. The Central Park will be one of the most expansive landscaped park spaces in Muntinlupa,” Cruz said.

The Grand Lawn and Plaza will be ready by October 2015, while the Ayala Malls South Park, transport terminal and Avida Tower Altura 1 are slated for completion next year, Cruz said.

On the other hand, the South Park Corporate Center and Altura 2 are expected to be completed in 2017 and 2018, respectively.

The Corporate Center can accommodate around 2,400 seats and is expected to generate approximately 4,900 jobs.

For the residential component, Altura 1 is already 71 percent sold and is seen to generate total sales of P1.2 billion. Construction of the tower is now on its 12th residential floor from a total of 21 residential floors.

Altura 2, meanwhile, is expected to fetch P1.7 billion in total sales.

“The residential, it’s very promising. On this side is the quieter side of Alabang. We are seeing a lot of investors and end-users. Investors are buying the studio units while end users are buying the two-to-three bedroom units,” Cruz said.

Now two years into development, the 6.6-hectare South Park District will be constructed over a 10-year period. Ayala acquired the land from Nestle in 2011.

South Park District is strategically located near schools, commercial establishments, business centers and hospitals in Alabang. It is also connected to major thoroughfares such as the National Road, SLEX and the Skyway.

The district will also open its own transport terminal, to ease congestion to South Park’s entrance and increase accessibility to the district by the fourth quarter of 2016.

South Park adds to Ayala Land’s portfolio of developments in Muntinlupa that includes Ayala Alabang Village, Madrigal Business Park, Alabang Town Center, Ayala Southvale and Avida Towers Alabang, bringing the total portfolio to 646 hectares.