We knew it was going to happen, but this news still comes as a shock.
The 74-hectare lot that used to belong to Food Terminal Inc in Taguig and bought by Ayala Land in November 2012 for PHP24.3 billion is now called Arca South.
The company plans to develop PHP48.5-billion worth of projects there, including five high-end residential buildings worth PHP37.5 billion to be called Arbor Lanes, which will occupy 3.4 hectares.
Arbor Lanes is targeting the overseas market and will be marketed in Singapore by next month. It is located near the Bicutan interchange of the South Luzon Expressway.
“The project is envisioned to provide residents with intimate garden living in a masterplanned development,” reports James Loyola in Manila Bulletin. According to the developers, “we made the harder decision to provide common areas which we will fill with trees where people can converge.”
The first building will be 13 floors and have 208 units, at 17 units per floor: 60 percent one-bedrooms, 25 percent two-bedrooms and 15 percent three-bedrooms.
“The units will have 60 square meters up to 190 square meters priced at PHP170,000 per sqm with VAT, slightly lower than in Bonifacio Global City,” adds the report.
At 120 hectares, FTI was one of the largest estates in Metro Manila and a pet project of former president Ferdinand Marcos. It was also a market from the 1970s through 2010, with vegetables sold in warehouses and, eventually, hardware and handicraft goods.
Photo: I Love Taguig
