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Manila Bulletin devider Business devider ALI starts P9.8-B development of Areza estate in Lipa

ALI starts P9.8-B development of Areza estate in Lipa

Published Nov 20, 2022 08:10 pm

Lipa City--Real estate giant Ayala Land Inc. is investing P9.8 billion over the next 15 years to develop its latest estate—the 92-hectare Areza in Lipa City Batangas.

Areza is ALI’s first master planned, mixed-use estate in Batangas and is envisioned to be the new downtown of Lipa City. This is ALI’s 48th estate and its fourth in southern Luzon.

Areza groundbreaking L-R: Project Development Head Jay Teodoro, Senior Vice President and Group Head of Ayala Land Estates Robert Lao, Atty. Joel Montealto, Lipa City Mayor Eric Africa, ALI President and CEO Bobby Dy

The estate will have a mix of residential and commercial uses, as well as complementing facilities such as a food terminal, a public market, retail areas, school, and church.

In an interview after the ground-breaking ceremony, ALI President Bernard Vincent Dy said “Areza will offer a mixed use estate with the Lipa City Hall as a main component to spur economic movement.”

ALI donated a 5 hectare lot in Areza (potentially worth about P3 billion at P60,000 per square meter) as the local government to build its new City Hall. Construction is ongoing after it broke ground last March.

“Our experience in developing Makati, Bonifacio Global City, Ayala Alabang, Cebu Business Park instilled in us, valuable lessons that guide us as we develop Areza, the new downtown of Lipa City,” Dy said.

He added that, “We hope to continue our legacy of building master planned sustainable estates that uplift and enrich lives for more Filipinos and reinforces our commitment to nation building.”

ALI is investing an initial P3.1 billion to pump-prime the development of Areza. Under the first phase of the development, ALI Project Development Head Jay Teodoro said they will also start selling commercial lots that is seen to raise at least P3 billion.

Teodoro said there will be an initial 99 lots for sale with lot sizes ranging from 500 to 1,000 square meters and priced at around P60,000 per square meter. The commercial area will have a gross area of 15 hectares.

Areza will showcase the natural features of the property in its design. In line with the Ayala Group’s thrust towards sustainability, the estate will be centered on connectivity and convenience of the various components, as well as green and open spaces.

The masterplan will include outdoor spaces conducive for exercise, pedestrianization, and interaction.

Areza is strategically located along key infrastructure projects for faster and convenient access. This includes the recently opened Manila-Batangas By-Pass Road.

Other key infrastructure in the plans are the Diversion Road connecting Balete Road to Mataas na Kahoy, and the STAR tollway.

The City of Lipa in Batangas has a lot to offer as a fast-emerging, first-class component city in the country.

Boasting the fastest regional economic growth in 2021 of 7.6 percent, this dynamic and scenic city has proven attractive for both local and foreign investment opportunities.

Related Tags

Ayala Land Inc. Bernard Vincent O. Dy Areza
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