Property developers Ayala Land Inc. and Eton Properties Philippines Inc. will invest P53 billion over the next 10 years to develop Parklinks, a 35-hectare mixed-use township along C5 on the boundaries of Quezon City and Pasig City, top executives said Thursday.
Ayala Land senior vice president and strategic land bank management group head Meean Dy said the initial phase of the project would include the construction of a regional mall, residential condominium buildings and an iconic bridge that would connect Quezon City and Pasig City over Marikina River.
The two companies would allocate at least 75 percent of P53 billion for residential development, 17 percent for leasing business including mall and offices and the remaining 8 percent for estate development.
The shopping mall will have 58,000 square meters of leasable space and is expected to be completed by 2019. On top of the mall will be a 3,500-sq. m. sports complex.
Ayala Land’s premier residential brand Ayala Land Premier will initially develop five towers offering 1,688 units, while Alveo Land will build five residential buildings with 3,700 units.
“Parklinks, an exemplary urban design expression, is a living testament to Eton LT Group and Ayala Land’s shared vision and commitment in providing sustainable excellent communities in urban centers to its valuable customers,” Eton Properties chief operating officer Jess Lucas said.
The joint venture partners will also build a 25-meter-wide bridge spanning 110 meters in length. This will create a new route to ease vehicular traffic in the northeast and east of Metro Manila. The bridge will have dedicated lanes for bikers and pedestrian, allowing a safe and convenient movement within and around the development.
Dy said 50 percent of the 35-hectare project would be devoted to open space, making it the greenest urban development along the C5 area.
This is the third joint venture between Ayala Land and Eton Properties. In 2010, LT Group’s Eton Properties teamed up with Ayala Land’s mass housing arm Amaia Land Corp. to develop a four-hectare property in Calamba, Laguna.
Ayala Land’s middle income housing unit Avida Land also tied up with Eton Properties to develop a four-tower residential condominium along Edsa corner Reliance Street in Mandaluyong City in 2011.
Parklinks is the first estate development to be launched by Ayala Land this year. The property firm is set launch two more projects this year.