By Likha C.
AYALA Land Inc.
(ALI), the Philippines’ biggest property developer, signed on
Thursday a deal with Dubai-based Kingdon Hotel Investments (KHI) for
the development of a luxury complex at the heart of the country’s
commercial and financial district.
In a disclosure
to the Philippine Stock Exchange, ALI said it forged the agreement
with a wholly owned subsidiary of KHI to jointly develop a
7,377-square meter property on Makati Avenue corner Arnaiz Avenue.
From the site
will rise a luxury complex that would include a 300-room Fairmont
Hotel, a 30-suite Raffles Hotel and 189-room Raffles-branded private
residences. ALI said the project will cost about $153 million.
KHI was founded
by Prince Alwaleed bin Talal bin Abdulaziz Alsaud, a member of the
Saudi royal family, and is also a majority shareholder and chairman
of the company. KHI is into the development, acquisition, financing
and management of high quality hotels in key cities and resort
destinations in the Middle East, Africa, Eastern Europe and Asia.
owns real estate interests in hotel and resort properties in various
parts of the world. He also has significant equity investments in
leading international hotel management companies that include Four
Seasons Hotel and Resorts, Fairmont Hotels and Resorts, Raffles
Hotels and Resorts, and Mövenpick Hotels and Resorts.
Apart from its
hotel complex project, ALI is also set to open the Trinoma mall
located at the corner of North Avenue and EDSA in Quezon City this
would start this year include the development of residential
subdivisions in the cities of Iloilo, Cagayan de Oro and Cebu.
ALI also plans to
start the construction of a new shopping center in Angeles City,
Pampanga, near the North Luzon Expressway Angeles exit.
would have some of the features of its existing malls like Greenbelt