Property developer Ayala Land Inc. plans to spend P9.8 billion over the next 15 years to develop its newly-launched estate in Lipa City, Batangas, a top executive said Friday.
ALI president and chief executive Bernard Vincent Dy said during the project launch the 92-hectare mixed-use development called Areza was envisioned to be the new downtown of Lipa City.
The estate will have a mix of residential and commercial uses, complementing facilities such as a food terminal, a public market and retail areas, he said.
Areza is ALI’s first masterplanned estate in Batangas and its 48th across the country.
Dy said Lipa City Hall is the estate’s first locator, with its new building expected to be completed by 2025. The new Lipa City Hall, which sits on a five-hectare donated property, was designed by renowned architectural firm Budji Royale.
ALI is investing an initial P3.1 billion on the first phase of the development.
ALI project development head Jay Teodoro said the company would initially sell commercial lots in the property, with sizes ranging from 500 to 1,000 square meters at P60,000 per sq. m. The commercial area will encompass 15 hectares.
ALI also plans to develop a small retail area with 1,500 sq. m. of leasable space.
The property firm said Areza would showcase the natural features of the property in its design.
“In line with the Ayala Group’s thrust towards sustainability, the estate will be centered on connectivity and convenience of the various components, as well as green and open spaces. Areza’s masterplan will include outdoor spaces conducive for exercise, pedestrianization and interaction,” ALI said.
Areza is strategically located along key infrastructure projects for faster and convenient access. These include the recently opened Manila-Batangas By-Pass Road, the Diversion Road connecting Balete Road to Mataas na Kahoy and the STAR tollway.
ALI said Lipa has a lot to offer as a fast-emerging, first-class component city. Batangas province posted the fastest regional economic growth of 7.6 percent in 2021 and continued to offer opportunities for both local and foreign investors.