1 week ago
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Richmond Mercurio - The Philippine Star
March 10, 2025 | 12:00am
Undated photo shows ABS-CBN's gate in Quezon City.
The Philippine STAR / File
MANILA, Philippines — A new mixed-use development will soon replace a portion of ABS-CBN Corp.’s headquarters in Quezon City once real estate giant Ayala Land Inc. (ALI) finalizes the P6.24-billion purchase of the property.
ALI, a subsidiary of conglomerate Ayala Corp., is looking to transform the 30,000-square-meter ABS-CBN property into a mixed-use project.
“We are currently in the masterplanning phase, assessing the best use for the property,” ALI said in a statement to The STAR.
“The focus is on creating a mixed-use development that complements the surrounding community,” it said.
As one of the country’s largest property developers, ALI has more than 11,000 hectares of land bank and a solid track record in developing large-scale, integrated mixed-use and sustainable estates.
The company has a diverse real estate portfolio composed of residential, office, commercial and industrial properties for sale, as well as properties for lease such as shopping centers, offices, hotels, resorts and warehouses.
ALI said that more details of its plans for the ABS-CBN property would be shared once finalized.
A source from ABS-CBN told The STAR that it is still “business as usual” at the property, with the parties involved waiting for the signing of a deed of absolute sale.
Once the deed of absolute sale is signed, ABS-CBN can then turn over the property to ALI, which in turn can start construction activities.
ALI signed last month a memorandum of agreement for the acquisition of a portion of ABS-CBN’s property in Quezon City, subject to conditions precedent, including clearance by the Philippine Competition Commission.
The sale covers 30,000 square meters out of the total 44,027.30 square meters of the property, which serves as ABS-CBN’s headquarters.
The property houses several buildings including the network’s production facilities.
ABS-CBN’s offices and studios will be consolidated within the remaining 1.4 hectares of the property, which it will retain after the transaction.
