MANILA, Philippines—Property giant Ayala Land Inc. (ALI) is interested in the redevelopment of the five-hectare “Walled City” of Intramuros in Manila, which the Department of Tourism wants to offer for public-private partnership.
ALI would also like to pursue the development deal on Food Terminal Inc., the government’s agro-industrial complex in Taguig City. But the property firm will still have to wait for the privatization plans to be finalized, said ALI president Antonino Aquino.
The tourism department plans to redevelop Intramuros to better showcase the country’s heritage. It also likes to turn some of its areas into a mixed-use commercial and residential hub over a five-year period using financial muscle from the private sector.
A feasibility study will be undertaken soon ahead of a bidding for the PPP contract covering the Intramuros development set in early 2012.
“That should be interesting,” Aquino said at the sidelines of ALI’s annual stockholders’ meeting, referring to the Intramuros project. “A lot of these projects are interesting for us, especially because they are tourism-oriented.”
Aquino also said that the property firm would fully support whatever the government would decide on.
On FTI, Aquino said ALI had been interested in the agro-industrial complex since day one, but it would like to wait on what the government would like to do with this property.
Other companies like Empire East Land Holdings Inc., the middle-income residential property arm of tycoon Andrew Tan, and Gokongwei-led Robinsons Land Corp. have offered to develop the 103-hectare FTI complex.
Empire East has already quoted an offer of P14 billion.
The government believes that the participation of private entrepreneurs is essential in the development of the huge agro-industrial and commercial complex. Parcels of land have already been designated as a special economic zone. Certain portions of the complex are still occupied by tenants, some of whom hold lease contracts that will expire in 2015.
For more details on Ayala projects, you may contact Reby Ramirez @ +63 919.699.3572 / +63 922.883.9308 / +63 916.4044.555 / +632 404-4534 or e-mail her @ reby_ramirez@yahoo.com.
Lastly, FYI for related information on the new real estate law, RA 9646, please proceed to www.RA9646.com, the online repository of updated information on Real Estate Service Act of 2009 (RESA).
source: Philippine Daily Inquirer, April 14
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