Augusto D. Bengzon, chief finance officer of ALI, told reporters on Thursday talks are ongoing with AIM, which was established in 1968 on land that was donated by Ayala.
Bengzon added that AIM, the country’s top business school founded by business leaders in partnership with Harvard Business School, also wants to move to a larger campus.
AIM sits on a roughly 1.13-hectare property along Paseo de Roxas in Legazpi Village surrounded by upscale shopping malls, high-rise residential towers, and offices.
It was built decades before Ayala Center was established in the 1980s, just as the Zobels were developing Makati into the country’s leading financial district.
What’s the plan?
Bengzon was mum on their plans for the AIM property, but he shared they were working on an exciting new development, likely complementing the property giant’s ongoing efforts to rehabilitate its nearby malls.
What’s the property worth?
Joey Bondoc, Colliers Philippines director for research, said land values in the Makati Central Business District were estimated at P960,000 per square meter as of the third quarter of 2024, which values the AIM lot at over P10 billion.
But Bondoc said the final price could be lower.
“Given that there are no land deals now and developers are tempering new project launches, [prices] might be up for correction,” he told InsiderPH.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.