Ayala Land says SM mall project to complement Global City devt

SOURCE: BusinessMirror

Written by Honey Madrilejos-Reyes / Reporter   

MONDAY, 20 APRIL 2009 20:26

SETTING aside competition, the Philippines’ largest property developer Ayala Land Inc. (ALI) considers the planned shopping mall development of the SM group in Taguig City as complementary to existing projects in the posh site. 

“With SM, we’ve always found that when we are there together, it actually increases traffic in the whole area,” said former ALI president and now Ayala Corp. senior managing director Jaime Ayala in an interview with the BusinessMirror. 

Since Fort Bonifacio is a new area and an emerging location for residential developments, business establishments and entertainment venues, he said the entry of SM will further promote land values, especially within the Bonifacio Global City where ALI owns a vast landbank. 

The BusinessMirror earlier reported the plan of the Sy-led SM group to build a P2-billion shopping center in Taguig City by the end of the year.

To be undertaken by its mall development arm SM Prime Holdings Inc., the mall will be a part of a commercial complex envisioned to rise in a sprawling property owned by the Taguig government. 

The shopping center alone will occupy around 1.8 hectares. A hotel, to be developed by another entity, would also be built within the complex.

“SM is leasing the property from the Taguig government for 25 years,” the source said. 

The design of the shopping center is still being finalized but the source said it would more or less cater to the upper market because of its proximity to ALI’s residential and commercial developments Serendra and Bonifacio High Street. Meanwhile, ALI’s mall development Market! Market! mostly attracts low- to middle-income customers. 

“We expect to complete the shopping center by 2011,” added the source. 

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