PinoyBusiness.ORG – Home

The Ayala Land Inc. (ALI) and the National Housing Authority (NHA) has entered into joint venture agreement that will develop the 29.1-hectare property in North Triangle into the Quezon City Central Business District (CBD).

The joint venture, with an estimated cost of P22 billion, will develop the new CBD in Quezon City similar to the Bonifacio Global City in Taguig, based on the proposal submitted by ALI. It is expected to be completed in the next two years and is envisioned to be the Philippines first transit oriented mixed-use CBD. It has one of the most expansive EDSA frontages, and it will be linked to at least three metro rail transit stations.

ALI said in a disclosure to the Philippine Stock Exchange, 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,” company officials said.

With its signature projects, including Makati CBD, Bonifacio Global City, Cebu Business Park, and the Madrigal Business Park in Alabang, ALI carries with it a good track record, strong branding, and the ability to attract top locators, ensuring the project to achieve its highest potential value.

In its proposal, ALI said it 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.