Property developer Ayala Land Inc. plans to build a huge shopping mall at the Aseana City complex in Parañaque City that is expected to be bigger than Mall of Asia complex of SM Prime Holdings Inc.
The city government of Parañaque said in a statement Ayala Land had filed an application for a locational clearance with the city’s local zoning board of adjustments and appeals, indicating its plan to build a huge mall complex, a business process outsourcing center and a hotel within a nine-hectare property adjacent to Pagcor Entertainment City.
Parañaque City’s business permits and licensing office head Melanie Malaya, who is also a member of city’s local zoning board, said Ayala Land’s specific application was for the construction of a mall along Macapagal Avenue, which would be bigger than the nearby SM Mall of Asia complex.
The SM Mall of Asia is listed as having 407,000 square meters in gross floor area.
Malaya said Ayala Land’s planned shopping mall, once completed, would become Parañaque’s largest commercial complex.
Ayala Land also plans to develop a business process outsourcing building and a 12-story hotel with at least 325 rooms within the leased property, Malaya said.
Ayala group has secured a 45-year lease for the 9.2-hectare property from the Wenceslao group, owner of the Asean Business Park complex, for the project.
The property is located right across the new City of Dreams Manila, a casino and hotel complex also owned by the SM group in partnership with the Melco Crown group of Macau.
Parañaque Mayor Edwin Olivarez said the decision of Ayala Land to invest in Parañaque was a huge vote of confidence for the city, which in 2014 was adjudged the country’s most competitive city in terms of economic dynamism and was now dubbed the Mega City by the Bay.
“This is another affirmation of Parañaque’s emergence as a new economic and business hub,” Olivarez said.
“We welcome with open arms Ayala Land’s investment which we estimate should create at least 10,000 new jobs for our people and help sustain the country’s robust economic growth,” he said.
Ayala Land’s application for a locational clearance was approved by the board last week.