Executives of Ayala Land Inc. (ALI) led by chairman Fernando Zobel de Ayala on Monday agreed to purchase the 74-hectare FTI property for P24.3 billion from the government in a signing ceremony witnessed by President Aquino in Malacañang.
ALI plans to develop the FTI complex into an integrated mixed-use and business district that will feature retail, dining and entertainment.
“We hope the redevelopment of the FTI complex will lead to a surge in economic activity and increase employment in the city of Taguig and the surrounding metropolitan area,” said Karen Singson, chief privatization officer of the Privatization and Management Office (PMO).
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