Ayala Land, NHA to jointly develop P22-billion Central Business District in Quezon City

MANILA, Philippines - Property giant Ayala Land Inc. (ALI) has entered into a joint venture agreement with the National Housing Authority (NHA) to develop a 29.1-hectare property in North Triangle into the Quezon City Central Business District (CBD) at an estimated cost of P22 billion.

The joint venture represents the culmination of a public bidding process conducted by the NHA which began on Oct. 3, 2008.

ALI’s proposal features the development of a new CBD in Quezon City similar to the Bonifacio Global City in Taguig.

The project, slated for construction within the next two years, is envisioned to be the Philippines’ first transit oriented mixed-use CBD that will help ignite the country’s engine of growth. It will be linked to at least three metro rail transit stations and has one of the most expansive Edsa frontages.

In a disclosure to the Philippine Stock Exchange, ALI said the P22-billion budget includes future development costs and the current value of the property which ALI and the NHA will contribute as their respective equity share in the joint venture.

“ALI’s vision for the property is consistent with the mandate of the Urban Triangle Development Commission to rationalize and speed up the development of the East and North Triangles of Quezon City into well-planned, integrated and environmentally balanced, mixed-use communities,” the company said.

ALI said the proposal aims to benefit the NHA in achieving its mandate of providing housing for informal settlers and transforming a non-performing asset into a model for urban renewal.

ALI’s track record, strong branding, and ability to attract top locators will ensure that the development will achieve its highest potential value. In the development and management of CBDs, ALI’s signature projects include the master-planned Makati CBD, Bonifacio Global City, Cebu Business Park, and Madrigal Business Park in Alabang.

The plan of the Quezon City government to develop the 250-hectare North and East Triangle into a commercial district is expected to spur job creation and increase revenue. 

According to the Quezon City website, the plan is to organize the CBD into five distinct commercial/residential/ recreational districts – The Triangle Exchange, The Residences at Veterans, The Downtown Hub, The Emporium and The Commons. It will have a mix of housing, from high-rise condominiums to medium and lower density dwellings and high-end malls, business

offices, entertainment parks, and corporate headquarters.

The 54.3-hectare Triangle Exchange will be a high-traffic commercial and residential district and the most active area of the Triangle Park.

The 40-hectare Residences at Veterans will be a mixed-use community housing condominiums and row houses, while the 54-hectare Downtown Hub will be a mixed-use, medium-density district with institutional services and facilities integrated with commercial and residential development.

The 37.9-hectare Emporium will be another mixed-use, medium-density district focused on call centers and commercial and residential developments.

The 19.8-hectare The Commons will have residential developments and recreation and entertainment establishments. Quezon City has maintained its status as the richest and most business-friendly city in the country. It has become the new information and communication technology destination not only in the country but in Southeast Asia, with the opening of the University of the Philippines Techo park, the Philippine version of Silicon Valley in the US.

Quezon City is now home to 24 PEZA (Philippine Economic Zone Authority) information technology parks and zones with more than 70 business process outsourcing locators.