Third party developers in ARCA South estate are expected to start construction next year as Ayala Land, Inc.’s mixed-use estate project will rise as scheduled.
ARCA South, formerly called Food Terminal, Inc., is eyed to be the next central business district in proximity to Makati and Bonifacio Global City (BGC), serving as a southern gateway to Metro Manila.
Stephen Comia, Ayala Land project development manager, said the property’s commercial component is expected to open by the fourth quarter of 2017, while the residential component will begin turn over by the first quarter of 2018.
Developments like roadwork, utilities and other infrastructure are set to be done by the end of the year. Current infra development is 70 percent complete.
Ayala Land is spending P80 billion for the five-year phase one of the project.
ARCA South is being developed into a 50-50 commercial and residential mix in the 74-hectare estate.
Comia noted in the one year that Ayala Land sold 5.6 hectares of the commercial portion of the estate, land values rose 39 percent. Sans giving actual figures, Comia said ARCA South land is now valued 30 percent less that of Ayala Land’s BGC.
Early this year, property consultant Colliers noted that BGC land values range between P273,000 to P500,000 per square meters.
Commercial lots have an average size of 2,500 sq. m. per cut, with the commercial block situated along the main ARCA Boulevard, which is strategically connected to the proposed Skyway-C5/C6 connector road.
Part of the commercial area development is Ayala Land’s own Seda Hotel that will have 265 rooms and is eyed for opening by third quarter of 2018. Two towers of the six-tower office development, equivalent to 96,000 sq. m., are also set to be completed by the fourth quarter of 2017, while a 72,000 sq. m. retail component similar to Greenbelt will open in the same period.