ETON, AYALA TO INVEST P53B IN TOWNSHIP BY BUSINESS WORLD

Tycoon Lucio Tan’s Eton Properties Philippines, Inc. (EPPI) and AYALA LAND, Inc. (ALI) are investing P53 billion to develop the first phase of a 35-hectare estate covering areas in Quezon City (QC) and Pasig City.

The property companies have formed a 50-50 joint venture firm called Eton ALI Property Development Corp. (AEPDC) which will develop ParkLinks, envisioned to be the “greenest urban estate” offering residential, office, and commercial spaces.

“By forging together, we are able to have an estate that has scale and access that will capture both Quezon City and the Pasig markets. And our combined experience will result to designs that will differentiate ourselves in this corridor,” ALI Senior Vice-President and Strategic Landbank Management Group Head Anna Ma. Margarita “Meann” B. Dy said in a speech during the project’s launch on Thursday.

AEPDC will build a 110-meter bridge over the Marikina river, linking QC and Pasig.

“This will create a new route that will help ease vehicular traffic in the northeast and east of Metro Manila. The bridge will have dedicated lanes for bikers and pedestrians, allowing a safe and convenient commute within and around the development,” the company said.

Ms. Dy noted the company is now preparing plans for the steel bridge, as well as talking with the local government units of Pasig and QC, and the Department of Public Works and Highways for the permits needed to proceed with the project.

The first phase of ParkLinks will cover less than half of the whole estate or 16 hectares, with a gross floor area of 677,000 square meters (sq.m.). Of the total funding commitment for the first phase, 75% will be allocated for residential projects, 17% for leasing businesses, and 8% for estate development.

AEPDC will be building a 58,000-sq.m. regional mall and a residential project by AyalaLand Premier (ALP) inside the estate this year. The mall will be located along C-5 road, and will house a 3,500-sq.m. sports complex complete with a basketball, volleyball, and badminton courts, a fitness gym, and dance studio. The mall is set to open in 2021.

The first tower of the ALP project will be launched by the fourth quarter of this year. ALP plans to launch four more towers over the next five years, with 1,688 residential units.

Meanwhile, ALI’s high-end residential brand Alveo will also be constructing five towers in the first phase, offering 3,700 residential units. The first tower will be launched in 2019. Asked whether Eton Properties will also be introducing its real estate brands into ParkLinks, Chief Operating Officer Josefino C. Lucas explained that they chose to adopt ALI brands instead.

“It’s really a branding exercise. We participate here equally. In terms of having a brand here by Eton, it’s not in the current discussion,” Mr. Lucas said.

For the second phase of the project, ALI Assistant Vice-President for Strategic Landbank Management Group Ma. Carmela K. Ignacio said funding could reach over P60 billion, taking into account appreciation of land values by then.

“For the second half (the investment) might be higher than P60 billion, so the total is more than a hundred. There will be more residential, there will be other retail centers in the Pasig side, and then more offices,” Ms. Ignacio told reporters.

Shares in ALI gained 40 centavos or 0.9% to close at P45 apiece at the Philippine Stock Exchange on Thursday.