Ayala Land president and CEO Anna Ma. Margarita “Meean” Dy said redevelopment plans for the roughly three-hectare property in Quezon City are still in the planning stages.
“Not this year and we’re not done with planning by next year,” Dy told InsiderPH, adding there was still no firm timeline on when the project will be launched.
What happened before?
In Feb. 2025, the real estate giant struck a P6.24 billion deal with ABS-CBN to purchase the land that housed its studios, 220-meter-tall broadcast tower, and main offices for the past six decades.
ABS-CBN, which is using the proceeds to pay down debts, is retaining a 1.4-hectare portion of the land, where the ELJ Communications Center is located.
Tower demolishing timeline pushed back
The uncertain redevelopment timeline also pushes back earlier expectations that the iconic broadcast tower would be dismantled early this year.
On July 9, 2025, ABS-CBN employees, artists, and executives gathered for the final lighting of the tower, also known as the Millennium Transmitter.
Reports at the time suggested the tower will be torn down in a few months to make way for the redevelopment but the landmark Quezon City structure remains standing as of April 28, 2026.
Property slowdown shapes strategy
Ayala Land’s uncertain timeline for the redevelopment reflects a more conservative view on real estate, especially after signaling a recent focus on leasing and hotels amid weakness in the residential market.
Last week, the Bangko Sentral ng Pilipinas raised interest rates in a bid to temper inflation, although this is expected to weigh on real estate demand.
Ayala Land also temporarily suspended development of luxury tower Laurean Residences in Makati and The Heights Katipunan project, citing the impact of the US-Iran war.
Pressures have been building up—first during the forced exit of Chinese gaming operators or POGOs and then the 2025 flood control scandal, hurting demand even in the high-end real estate market.
According to Colliers Philippines, aggressive promos by developers made a meaningful impact on absorbing excess inventory, but unsold condos still had about 8 years’ worth of supply as of end-2025.
Dy said Ayala Land remains committed to building residences, but at a more conservative pace.
“We will continue to have residential projects but admittedly more selectively and more disciplined,” she told InsiderPH.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
