MANILA, Philippines – Ayala Corp. and the LT Group Inc. (LTG), two of the country’s biggest conglomerates, will pour in P53 billion over the next 10 years for the development of their first ever urban estate, the 35-hectare Parklinks.
The project, which will span the cities of Quezon City and Pasig, is a 50-50 joint venture betweenEton Properties Philippines Inc. and Ayala Land Inc.
In a press briefing yesterday, officials said the mixed-use estate would have residential towers, office space, malls and an iconic 110 meter bridge over the famed Marikina River that will connect both parcels of the estate in the two cities.
The estate, which is envisioned to be the greenest waterfront development in eastern Metro Manila, will have more than 50 percent of open space comprising of pocket parks.
“Parklinks will provide what is sorely missing along the busy C5 corridor – an abundance of open space,” said ALI senior vice president and Strategic Landbank Management Group head Meean Dy.
Of the P53 billion, 75 percent will be allocated for residential towers, 17 percent for the leasing business and the remaining eight percent for estate development, said ALI assistant vice president Ma. Carmela Ignacio.
Proponents will initially develop 10 residential towers with a gross floor area of 515,000 within the next 10 years under the Alveo and Ayala Land Premier brands.
There will also be a regional mall with 58,000-square meters of gross floor area.
On top of the mall, there will be a 3,500 sqm sports complex that will house a basketball court, volleyball court, badminton courts, fitness gym and dance studio to support and inspire an active lifestyle.
The plan also includes a three-hectare central park, an esplanade, river park terraces, running and bike trails and gardens.
Parklinks will be accessible via C5, Amang Rodriguez Avenue and Ortigas Avenue.
Eton COO Josefino Lucas said Parklinks, with its exemplary urban design expression, is a living testament to Eton and ALI’s shared vision and commitment to provide sustainable communities in urban centers.
“This was an opportunity that came up at the right time,” Lucas said.
He said the two companies may continue to do more projects, depending on the opportunities.