AYALA LAND, Inc. (ALI) is investing P18 billion to build a 290-hectare estate in Tarlac City.
The real estate arm of the Ayala group presented on Tuesday its “modern local community” project in Tarlac called Cresendo, is situated 40 kilometers from the Clark International Airport and about 15 kilometers from the New Clark City.
ALI broke ground on the first phase of Cresendo last week. The property giant has so far received reservations for six lots, equivalent to P500 million, in the estate’s industrial park.
ALI is allocating P5.5 billion for the development of Phase 1, which includes construction of the Cresendo Industrial Park (CIP), a residential project under Avida brand, a commercial space, and retail area. The estate will also host Don Bosco Technical Institute, which will open its senior high school in 2022.
In a briefing in Makati City on Tuesday, Cresendo Project Head John R. Estacio said the development’s Phase 2 will focus on the development of residential spaces and shop houses, while Phase 3 will involve further residential expansion and construction of other commercial formats.
The company expects the entire 290-hectare project to be completed in 10 to 15 years. About 59% of the property will be allocated to residential spaces, 31% for a town plaza and open spaces, 11% each for commercial and industrial spaces and 3% for institutional establishments such as the school and a church.
ALI is offering commercial lots surrounding the Cresendo central plaza with sizes ranging from 500-2,000 square meters (sq.m.).
At the CIP, industrial lots, ranging from 2,000-10,000 sq.m., are for sale at P6,000 to P9,000 per square meter. The industrial park aims to attract companies from light to medium industries.
“Our vision is to encourage more homegrown entrepreneurs and new businesses at Cresendo. The property is strategically located and has a young and growing population that makes it one of the promising areas in the region,” Mr. Estacio said in a statement.
In the years to come, Mr. Estacio said ALI wants to bring its Alveo Land brand to Cresendo as well. It is also in talks to bring health providers into the development.
Shares in ALI went down 0.30 points or 0.64% to P46.50 each on Tuesday. — Denise A. Valdez