ALI draws up Tutuban masterplan

MANILA, Philippines – Property developer Ayala Land Inc. is developing a masterplan to give the newly-acquired Tutuban Center in Divisoria, Manila a facelift, a ranking official said.

“We will enhance the current property and then come up with the masterplan,” ALI chief finance officer Jaime Ysmael said in a chance interview.

The company official said the masterplan could be finished within the year or early next year.

“We still have to look at the mall and take a look at how we can enhance the property,” Ysmael said.

Last month, ALI completely took over the Prime Orion Philippines Inc. (POPI), the owner and developer of the Tutuban Center, after it bought a 51.06 percent interest in the company for P5.625 billion.

The partnership was first announced in August 2015.

Located in a 20-hectare property, the Tutuban Center is a retail complex in the shopping district of Divisoria with a gross leasable area of about 60,000 square meters.

Since the property is a retail (complex), the enhancements will primarily be commercial for lease in nature, Ysmael said.

“We will refurbish the existing [complex]. We don’t have definite plans yet but we can expand because it sits on in a big lot,” he said.

Last year, then POPI chairman and now vice chairman Felipe Yap said the Tutuban Center would be changed into a station where the North and South Railways would meet.