ALI Food Terminal Inc (FTI) Now ARCA SOUTH!
The 74-hectare portion of the Food Terminal Inc. (FTI) will be transformed into a mixed-use development called “Arca South.”
FTI is a 120-hectare industrial estate in Taguig City of which 74 hectares were sold on November 2012 to Ayala Land Inc. (ALI) for P24.3 billion.
“We would like to add on what we are having in ‘Arca South’, that’s the meaning for FTI, that’s the name for the whole development. Wala nang FTI ngayon [FTI no longer exists],” Antonino Aquino, president and chief executive officer of ALI, said.
Jaime Ysmael, chief financial officer of ALI, also said that a big portion of the company’s capital spending will be allotted to the development of Arca South. He did not give a specific amount.
He even said that it will probably take ALI 10 years to 15 years to fully develop FTI, because the property is relatively bigger than other properties that the company have developed.
“Although it is semi-developed, we will probably retain some of them. We will do mostly land development in the property,” Ysmael said.
He even mentioned that ALI has sold 17 lots in various sizes within the property and these are typical commercial lots. He added that roughly 6.2 hectares have been sold.
The ALI official that they intend to put up vertical offices and schools, and retail stores within the area.
“It’s really intended not only to generate income but accelerate the rate of development of FTI . . . To gain some additional areas, we actually have to do below-typed main highway,” he added.
As for how many high-rise developments will be built in the area, Ysmael only said that “technically, all the commercial lots” within the property can accommodate high-rise type of buildings.
Ysmael said that acquiring FTI is not part of ALI’s original plan for 2012 but “prospects in the economy is very bright”.
“To grow the business, we have to landbank significantly,” he said.
Meanwhile, ALI is quite reluctant to invest in other countries like China.
“There is one project there but you know, China, we’ll have to look at that particular aspect more carefully, we’ll probably not add any further relative to what we have there,” Aquino said.
For 2013, ALI is targeting to develop 69 projects worth P129 billion.
Source: Manila Times