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Old January 7th, 2006, 11:55 AM   #1
JustHorace
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MANILA | Araneta Center Development News

posted by Thomasian from the QC Thread:










AFTER lagging behind the development craze that has swept Metro Manila, the Araneta group yesterday unveiled a multi-billion master plan to redevelop its 35-hectare Araneta Center in Cubao into a mixed-use commercial, entertainment and residential complex.

Araneta group president and chair Jorge Araneta told reporters during yesterday's presentation of the 20-year master plan that the first phase of the project alone would cost P10 billion and that the group was negotiating with possible strategic partners for the project.

"We're talking to at least three groups, both foreign and local, for Phase I. We expect to conclude the negotiations within the next three months," Araneta said.

He said the first phase of the 20-year development plan, which was expected to be completed within the next two to three years, would cover the retail and entertainment component. This phase has already started with the renovation of the Araneta Coliseum and Farmers' Plaza.

Half of the P10-billion estimated project cost for Phase I of the redevelopment, he said, would be financed through internally generated funds. The rest was expected to come from borrowings and cash infusion from the strategic partner.

In a separate interview, Araneta Center Inc. senior vice president for operations Antonio Mardo said the Araneta group was talking to big retailers from Europe, US and Asia as possible partners for Phase I.

Once completed, the Araneta Center's retail facilities would make it one of the world's largest shopping center complexes, with an area of 972,000 square meters, according to the Araneta group's redevelopment consultants.

Aside from retail and commercial areas, Phase I also covered the construction of office and residential buildings, a 400-room business hotel that would be complemented by open spaces and parks.

"The Center will become a major shopping and entertainment destination. It will combine a multi-story mall surrounding a renovated coliseum, hotel facilities and the Manila Tower, and will synergize with surrounding office and residential development to create an exciting environment with animated street life," the company statement said.

Mardo said the new projection was also aimed to become the central business district of Quezon City.

Asked why the group took so long to redevelop the Araneta Center, which used to be the central shopping district of the metropolis before the aggressive expansion of the SM and Ayala groups, Araneta said they had waited for the mass transportation development in Edsa before executing the ambitious master plan.

The Araneta Center, which was established by the Araneta family 40 years ago, is strategically located at the crossroads of the metropolis' two busiest light railway systems MRT-3 and LRT-2 as well as the two busiest thoroughfares Edsa and Aurora Boulevard.

Araneta said the new Araneta Center would devote 54 percent of its space to office and mixed-use complex, 26 percent to retail and entertainment and 20 percent to residential purposes.

Mardo said it is hoped that the redevelopment would allow Araneta Center to regain the high-end market share it lost to other commercial development like the SM and Ayala mall groups elsewhere in the metropolis.

"But we won't abandon the market which has been faithful to us through the years," he said.

The second phase, meanwhile, would cover the office and residential development, while the rest of the project, including the information technology center, would fall under the third phase of development.

Araneta Center tapped Palafox Associates Phils. as architect and urban planner for the project. RTKL International Lld. USA was hired as master planning consultant, Jones Land Lasalle of Hong Kong as retail consultant and Colliers Jardine of Hong Kong as property consultant
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Old January 7th, 2006, 01:10 PM   #2
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good news for QUEZON CITY, METRO MANILA!!
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Old January 7th, 2006, 07:08 PM   #3
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I like how they add in higher density housing. How big (in square meters) is the shopping mall portion itself? How far is this from Manila? What was there in this land before the construction, just fields?
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Old January 7th, 2006, 07:14 PM   #4
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looks great
i doubt the retail area is 972000 sqm
more like the whole area of the complex
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Old January 7th, 2006, 09:54 PM   #5
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OMG. I wish that was being built in my city
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Old January 8th, 2006, 07:58 AM   #6
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Quote:
Originally Posted by samsonyuen
I like how they add in higher density housing. How big (in square meters) is the shopping mall portion itself? How far is this from Manila? What was there in this land before the construction, just fields?
It's located in Quezon City, which belongs to Metro Manila. Most likely the 976 000 mentioned above is the size of the shopping complex.
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Old January 8th, 2006, 08:00 AM   #7
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Malls suck, but i must say that looks nice!
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Old January 8th, 2006, 08:22 AM   #8
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Another Giant Mall, in the next 4 years,
now, in the heart of Quezon City


Araneta Center Inc., now under the leadership of Jose’s son Jorge, intends to regain the center’s former glory. And then some. In the next four years the company plans to complete a 3.5 million-square-foot mall (325,160 square meters), which will connect directly to the two mass transit railway terminals outside the center, and to build nearly 900,000 square feet of offices, a hotel and apartments.

The planned seven-level shopping center, called the Millennium Mall, is to be built around the recently renovated stadium, with 500,000 square feet of shopping on each floor. Besides offering a range of American and European stores new to the Philippines, it will house 366,000 square feet (34,002 square meters) of entertainment tenants, including a full-size ice skating rink, a multiplex cinema and IMAX theater, a bowling alley and a children’s and family entertainment center as well as other attractions, said Solomon.



The owners also are considering building an additional, 200,000-square-foot mall (18,580 square meters), which they want to call Manhattan Mall, with housing on top.
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Old January 8th, 2006, 08:34 AM   #9
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Quote:
Originally Posted by Dubai-Lover
looks great
i doubt the retail area is 972000 sqm
more like the whole area of the complex
Presently there is 350,000 square meters which is comprised of the ff:
>Gateway Mall
>Farmers' Plaza
>Ali Mall
>Araneta Coliseum
>SM
>Rustans Superstore
>Shopwise
>Farmers Market
>Fiesta Carnival
>Aurora Tower
>Value Station



In the next four years, another retail area (Millenium Mall) will be linked to the complex adding 325,160 square meters and another retail area will then be added (Manhattan Mall) which will have housing on the rooftop (cool!) adding 18,580 square meters

So that'll be 350,000 sq.m. (present complex) + 325,160 sq.m. (Millenium Mall) + 18,580 sq.m. (Manhattan Mall) = 693,740 sq.m.

After those projects, another 210,000 square meters mall will be linked to the complex.

So, 693,740 sq.m. + 210,000 sq.m. = 903,740 sq.m.
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Old January 8th, 2006, 08:36 AM   #10
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Araneta 20 year masterplan costs P66.25B ($1.25B)

Under a $1.25 billion 20-year master plan, the company intends to turn it into a virtual city within a city, with the development of about 4,000 housing units, additional office and retail space and a giant communications structure — the Manila Tower — that will rival Paris’s Eiffel Tower in height, he said. Offices will be wired with the latest in communications technology.
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Old January 8th, 2006, 09:37 AM   #11
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Old January 8th, 2006, 09:42 AM   #12
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will it really be world's largest shopping complex?
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Old January 8th, 2006, 10:45 AM   #13
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at 970 000++++ square meters, YES IT IS!
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Old January 8th, 2006, 11:39 AM   #14
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OMG.. really cant wait to demolish the 3/4 of the araneta center.. hehe..
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Old January 8th, 2006, 08:50 PM   #15
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Wow, amazing stuff!
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Old January 8th, 2006, 09:43 PM   #16
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Amazing mall, I wouldn't mind shopping there, or living there. Love how they planned it out.
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Old January 9th, 2006, 11:07 AM   #17
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serious? its kinda chaotic and filthy there.. one of the crowdest place..

but in four years time, itll be amazing and modernize..

btw, gateway is 1/4 of the shopping complex right? are they going to rename it soon?
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Old January 9th, 2006, 11:21 AM   #18
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[IMG]http://************/jzv9dc.jpg[/IMG]

gateway
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Old January 9th, 2006, 12:08 PM   #19
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This is impressive!! Go Manila!!!!!
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Old January 9th, 2006, 12:17 PM   #20
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^ But wait. I think this thread is in the wrong forum. It's in the Highrise News and Developments and it's not even a highrise since it's a shopping complex.

EDIT: Oh, this project also includes a Manila version of the Eiffel Tower so that'll be highrise.
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