By Leslie D. Venzon
MANILA, June 9 (PNA) — Property giant Ayala Land, Inc. (ALI) expects to complete the construction of two office towers and a mall by 2017, a component of Arca South, its Php80-billion mixed-use development in Taguig City.
“Excavation and construction work have begun on the Ayala Malls, Arca South Corporate Center and Seda Hotel Arca South,” ALI Project Development Manager Stephen Comia said in a press briefing.
He said the 265-room Seda hotel project and the other four buildings of the six-tower offices business process outsourcing (BPO) towers will be completed in 2018.
Comia bared these developments as the company expects to complete the phase one of the 74-hectare mixed-use central business district by the end of the year.
Phase one development includes roadwork, utilities and other infrastructure, which are now 70 percent complete.
He said the commercial lots will be turned-over by first quarter of 2016.
In 2018, Comia said ALI expects to complete Phase 1 of Ayala Land Premier, Alveo and Avida residential developments which it launched last year.
“We are very, very happy with the reception of the market,” he said, noting that there were 1,000 residential units sold and a 71-percent sales take-up as of March 2015.
“We expect more launches in the coming years,” Comia added.
He said the 45-hectare phase two of the five-year Arca South project comprises residential, office and retail components. (PNA)