Ayala Land Inc. is spending P9.8 billion to jumpstart the development of its 92-hectare Areza in Lipa City.
This is the realtor’s first mixed-use development in the city, eyed to be the new downtown of Lipa. It will house the city’s new city hall, with the company donating five hectares of the property for the local government unit’s use. The city hall is expected to be completed by 2025.
Areza will have a mix of residential and commercial uses, as well as complementing facilities such as a food terminal, a public market and retail areas.
Jay Teodoro, Areza project development head, said Ayala Land expects to fully develop the property in 15 years, with the first phase of the development to include the property’s church, a 1,500- square meter retail trade area, apart from the city hall.
Teodoro said Ayala Land likewise plans to launch the development’s first residential offer in the next two to three years.
Ayala Land is presently offering for sale 99 commercial lots with sizes ranging between 500 to 1,000.
The company expects to generate P3 billion in sales from these lots.
