Ayala Land To Turn Makati Into New Entertainment Hub
Real-estate giant Ayala Land Inc. earmarked P60 billion to develop the old Philippine Racing Corp. (PRC) tracks into Circuit Makati, a mixed-used community envisioned to define the city's type and quality of entertainment.
Ayala Land President Antonio Aquino said the new project, spread over 15 years, would be different as far as their other developments are concerned because "it has a critical element that will turn Makati into the new entertainment hub."
"As you walk through the Circuit, a 1,500-seater CCP [Cultural Center of the Philippines]-like world-class theater for performing arts will greet you. You will walk through a riverbank, a continuing level of water element all through the Circuit lanes boarded on both sides with establishments," Mr. Aquino enthused.
The development of the 21-hectare racetrack has already started with the construction of a 2-hectare outdoor sports and entertainment arena which could accommodate 20,000 people. The open-air arena will be launched today, January 15.
The arena, which will feature karting ground, skate park and a blue turf, a football field, was developed to appeal largely to the family and help them become interactive. All areas of entertainment could accommodate every family member and dictates everyone's participation.
Its residential component, a 40-story condominium, which could house from 400 to 450 residences, will soon rise by 2016 along with a 250-room hotel and business areas. Real-estate giant Ayala Land Inc., earmarked P60 billion to develop the old Philippine Racing Corp. (PRC) tracks into Circuit Makati, a mixed-used community envisioned to define the city's type and quality of entertainment.
Ayala Land President Antonio Aquino said the new project, spread over 15 years, and would be different as far as their other developments are concerned because "it has a critical element that will turn Makati into the new entertainment hub."
"Everything will be built carrying the best practices Ayala Land is known for: protecting the values of all properties set up in integrated development," Aquino said.
"It has been a three good years for the real estate industry. Fueled by good economic fundamentals, more private sectors are investing generating more jobs and with a healthier banking system, acquiring property has become easy," ALI Executive Vice President Bobby Dy said.
"And surprisingly, even the younger generation has knack for buying properties now. The young professionals were among our major clients," Dy said.
Dy added that even the overseas Filipino workers which comprised 20 percent of their real-estate buyers have started acquiring more property. "They do not stop at one," he added.
Source: BusinessMirror.com
Wouldn't it be nice to have a Cultural Center of the Philippines in Makati?
Only in CIRCUIT MAKATI!
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