Ayala Land president Antonino Aquino said the company wanted to expand its presence around the country, particularly Quezon City.
"We want to build some type of CBD for Quezon City. We want to build up on that. We feel the need for a host of other developments in the area," he said.
Ayala Land plans the new business district near its Trinoma shopping mall at North Ave. in Quezon City.
The Quezon City council has earlier approved an ordinance classifying 250 hectares covering properties with North and East Triangles and the Veterans Memorial Medical Center.
Aquino said the Quezon City CBD project would be launched on July 5 and would follow the success of its P9-billion residential development called the Suites at One Bonifacio High Street in Taguig.
Aquino told reporters the residential development project had been well received by the market, as 295 of its 298 units had been sold.
He said the strong take up of the project showed the "Philippine economy has proven its resilience."
He said the strong foreign investor confidence and macroeconomic fundamentals had encouraged the Ayala Group to launch major projects such as the Suites.
The Suites at One Bonifacio High Street is a 63-story single tower with 298 residential suites.
The tower features larger-than-usual unit areas and high ceiling with living spaces that range from 136 square meters to 430 sq. m.
Aquino, meanwhile, said Ayala Land, together with partner s Evergreen Holdings and Fort Bonifacio Development Corp., would develop the One Bonifacio High Street cost of P30 billion.
One Bonifacio High Street will interigate an office building, premium lifestyle center, an all-suite residential tower as well as a five-star Shangri-La Hotel.
The P3.5-billion office building will be the new home of the Philippine Stock Exchange while a P2-billion office building to P3-billion lifestyle hub composed of restaurants and luxury shops will complement the entire project.
Alena Mae S. Flores
29 June 12