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ABS-CBN gate in Quezon City
The STAR / Boy Santos
MANILA, Philippines — Ayala Land Inc. (ALI) is still mulling over the official mixed-use project that will replace a portion of ABS-CBN Corp.'s headquarters in Quezon City which the real estate giant purchased for P6.2 billion.
In a disclosure dated February 27, ABS-CBN said it signed a memorandum of agreement with ALI for the sale of its property in Quezon City.
The sale covers 30,000 square meters out of the total 44,027.30 square meters of the property. The acquired space includes the Dolphy Theater and "It's Showtime" studio.
"The company's offices and studios will be consolidated in the remaining 1.4 hectares of the property to be retained by the company," ABS-CBN said.
ABS-CBN added it plans to consolidate its operations within the remaining area, and funds generated from the sale will be allocated toward partially settling their existing bank loans.
Under the memorandum of agreement, the payment to ABS-CBN shall be on an installment basis, which will be payable for 10 years.
Related: ABS-CBN to sell a portion of land property to Ayala Land
Jeanette Japzon of ALI's Corporate Communications and Digital Marketing confirmed to Philstar.com that the real estate company continues to be in a masterplanning phase for the property and is still assessing the best use for the property.
This as the sale had just been publicized so ALI is really taking into consideration how to proceed, Japzon added.
"The focus is on creating a mixed-use development that complements the surrounding community," ALI previously said in a statement to The STAR.
A source from ABS-CBN also 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.
The real estate company can begin construction activities once the deed of absolute sale is signed and ABS-CBN turns over the sold property.
ALI recently rebranded its Hotel and Resorts Corp. arm to Ayala Land Hospitality and is setting plans for further rebranding and development of its current hospitality brands like Seda and El Nido Resorts. — With reports from Ian Patrick Laqui and Richmond Mercurio
RELATED: ABS-CBN's Dolphy Theater, 'It's Showtime' studio part of the sale to Ayala
