What happens to the ABS-CBN, AIM properties under Ayala Land?

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It remains to be seen how Ayala Land will transform the iconic properties

MANILA, Philippines – Property giant Ayala Land, Incorporated (ALI) remains secretive about its plans for recent major acquisitions.

ALI earlier this year disclosed plans to acquire the 1.1-hectare land parcel of the Asian Institute of Management (AIM) in Makati “at current market prices” and 68% of the ABS-CBN property in Quezon City for P6.2 billion.

In a recent media briefing, however, Ayala Land CEO Meean Dy did not give any specifics as to the company’s plans for the said properties.

“It’s still currently under planning, so we would like to make something unique in that area, given it’s quite a busy area and there are a few other developments there,” she said when asked about the ABS-CBN property. “But we don’t have a specific timeline for it yet.”

Meanwhile, Dy said that they are in talks for whatever’s next for the AIM property. “There is confidentiality that we signed, so unfortunately, there is very little that I can say about that topic.”

Ayala Land donated the AIM property after Washington SyCip’s prodding, so it is simply buying back the property.

Paying tribute to ABS-CBN compound

Several personalities have paid homage to the media giant’s compound — which houses studios for its news, entertainment, and admin offices in the 44,027-square meter property.

Host Bianca Gonzales took her Instagram followers on a tour of the compound, reminiscing after working with ABS-CBN for over two decades.

The landmark Dolphy Theater and “It’s Showtime” studio are said to be part of the 30,000-sqm sale to ALI. The theater was named after the Philippines’ King of Comedy — Dolphy.

His son, Eric Quizon, was saddened after learning of plans to have the theater demolished because of the property sale. ABS-CBN reported that Quizon had asked ABS-CBN managers to keep several items, such as the caricature of Dolphy and the theater signage.

“Progress is good but somehow it cancels our history, heritage and culture,” Quizon said in an Instagram post in March.

ABS-CBN’s plans to sell the property made headlines in February. The media giant will be using proceeds from the P6.2-billion sale to pay for its outstanding bank loans.

The Lopez-owned network halved its net loss to P6.1 billion in 2024, with reduced production costs helping offset its revenue decline. It is still reeling from the loss of its franchise, but has told the investing public that it “continued to explore and pursue other business relationships with local and foreign entities to ensure maximum exposure and monetization of its content assets.”

It remains to be seen how Ayala Land will transform the iconic property. The developer is currently in the process of redesigning its retail spaces, as well as paying more attention to the high-end and horizontal property market. – Rappler.com