AYALA LAND, Inc. is planning to build a 1,500-square-meter (sq.m.) retail project in its estate in Lipa City, Batangas to kick start commercial operations in the development.
“We’re already planning a small retail project in this area to basically activate the project. We’re looking at a small retail development, probably about 1,500 sq.m. of gross leasing area,” Ayala Land Estate Head for Areza Jay S. Teodoro said in an interview.
The development, which is the company’s first estate in the province, is envisioned to be the new downtown of Lipa City. The initial phase will be the development of 21 hectares of the estate that includes the five-hectare city hall, two-hectare Lipa CIty Trading Center, church, fresh produce market, and small retail area. Up to 15 hectares will be allocated for the gross floor area of commercial projects.
“[The P9.8 billion investment] does not include the future investment in the future buildings in the project,” Mr. Teodoro clarified.
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