Philippines-based property developer Ayala Land’s unit Alveo Land is planning to invest PHP60bn ($1.6bn) to develop a mixed-use project in Bonifacio Global City (BGC) in Taguig, the Phillippines.
Alveo Land president Robert S. Lao said the company is reinventing the BGC landscape by injecting approximately PHP60bn of investment across a 25-year pipeline into a pioneering district development called High Street South. The mixed-use development will be located near Bonifacio High Street and comprise 12-18 tower developments spanning three blocks. It will include residential and office buildings, a hotel and retail spaces.
The company is planning to invest approximately PHP3.5bn ($79.8m) in its first residential tower, the Maridien. The 33-storey tower will feature 511 residential units including studio, one-bedroom, two-bedroom and three-bedroom apartments. The first two floors of the building will house retail outlets, while the third floor will house amenities such as themed function rooms, a lounge area, a gym and fitness area, a children’s play area and a swimming pool with a deck.
Alveo Land is planning to begin construction on its second tower in the third quarter of 2012. The company is planning to launch 12 new projects this year, compared with nine last year in the Philippines’ major urban growth centres. Alveo Land’s other projects are in Makati, Quezon City, Laguna, Tagaytay, Cebu and Davao, among others.
Recently, Ayala Land revealed plans to invest PHP12.5bn in the development of a 1,860-hectare eco city in Santa Rosa, Laguna, over the next five years.