ALI, Mla Jockey Club to put up BPO complex

Property giant Ayala Land Inc. (ALI) and Manila Jockey Club Inc. (MJCI) are jointly putting up two office buildings catering to business process outsourcing (BPO) firms within the horsetrack operator’s 1.1-hectare property in Sta. Cruz, Manila estimated to cost over P2.5 billion.

In separate disclosures to the Philippine Stock Exchange, ALI and MJCI said they signed the definitive agreements with respect to the development of the project which will include a single-level retail component.

The property was formerly the site of the San Lazaro race track.

Under the agreement, ALI will lease the property from MJCI for a period of 25 years. ALI will also be the development, marketing and lease manager for the office and retail spaces.

The estimated total leasable area of the buildings is approximately 42,500 square meters.

Construction of the first building is targeted to commence on September 2007, with building completion projected on the fourth quarter of 2008.

 ALI said the development of the second building will depend on market conditions.

ALI’s middle-income housing subsidiary Community Innovations Inc. launched last year Celadon Residences San Lazaro, a master-planned townhouse community at the former San Lazaro Hippodrome.

Designed as an intimate, exclusive community, the project offers 200 Mediterranean-inspired townhouse units grouped into clusters.

ALI has set aside P16 billion in capital expenditures this year for projects, which include a shopping mall in Luzon, the expansion of the Ayala Center in Cebu and several residential projects.

Other projects include the construction of the retail component at Serendra in Bonifacio Global City, expansion of Greenbelt 5 which will have 30,000 square meters of gross leasable area, and several other residential development projects.