MANILA – Property developers Ayala Land Inc. (ALI) and Eton Properties Philippines Inc. (EPPI) will jointly invest P53 billion to initially develop a 35-hectare mixed-use estate that spans portions of Pasig and Quezon City over the next 10 years.
Ma. Carmela Ignacio, assistant vice president of ALI’s Strategic Landbank Management Group, said in a press launch Thursday that bulk, or 75 percent of total spending, would be earmarked for the construction of 10 residential towers in the estate, Parklinks.
Ignacio said the residential developments would be introduced by its subsidiaries Ayala Land Premier and Avida Land Corp.
She added 17 percent of investments would be channeled into commercial leasing projects, including malls and business process outsourcing (BPO) buildings, while the remaining 8 percent for estate development, including the construction of an iconic bridge.
Ignacio said such 16-hectare development would comprise phase one of the mixed-use estate.
ALI and EPPI deem this development as their greenest urban development to date. The plan includes a three-hectare central park located at the heart of the business district.
Designed to link Quezon City and Pasig over the Marikina River, the 110-meter long iconic bridge will create a new route that will help ease vehicular traffic in the northeast and east of Metro Manila.
“Parklinks, an exemplary urban design expression, is a living testament to Eton LT Group and ALI’s shared vision and commitment in providing sustainable excellent communities in urban centers to its valuable customers.” said EPPI chief operating officer Jess Lucas.
Meanwhile, Ignacio said the joint venture of ALI and EPPI would infuse over P60 billion for Parklinks’ second phase.
“There will be more residential, there will be other retail centers in the Pasig side, and then more offices,” she told reporters on the sidelines of the project launch.
She added the estate’s last phase would be developed in another 10 years starting 2028 after the completion of the phase one.