Ayala to Develop ABS-CBN Property
A new mixed-use development is set to rise on a portion of ABS-CBN Corporation’s headquarters in Quezon City, following real estate giant Ayala Land Inc.’s (ALI) planned P6.24-billion acquisition of the property.
ALI, a subsidiary of Ayala Corporation, aims to transform the 30,000-square-meter site into a dynamic mixed-use project.
“We are currently in the masterplanning phase, assessing the best use for the property,” ALI stated in a response to The STAR. “The focus is on creating a mixed-use development that complements the surrounding community.”
As one of the country’s largest property developers, ALI manages over 11,000 hectares of land and has a strong reputation for large-scale, integrated mixed-use and sustainable developments. Its real estate portfolio includes residential, office, commercial, and industrial properties, as well as leasing spaces such as shopping centers, offices, hotels, resorts, and warehouses.
Details of the planned development will be disclosed once finalized, ALI said.
An ABS-CBN insider confirmed that operations remain “business as usual” as the parties await the signing of the deed of absolute sale. Once finalized, the network will turn over the property to ALI, allowing construction to commence.
Last month, ALI signed a memorandum of agreement to acquire a portion of the ABS-CBN property, subject to conditions, including clearance from the Philippine Competition Commission.
The transaction covers 30,000 square meters of the 44,027.30-square-meter headquarters, which houses ABS-CBN’s production facilities and various buildings. The network will retain 1.4 hectares of the property, where it will consolidate its offices and studios.
