Zobels’ Ayala Land eyes AIM Makati City lot that could be worth over P10B

January 30, 2025
4:32PM PHT
Augusto D. Bengzon
Ayala Land CFO 

One of the largest real estate deals in Makati City is in the works as Ayala Land Inc. negotiates a multi-billion peso acquisition of prime land from the Asian Institute of Management (AIM).

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.

Joey Bondoc
Colliers Philippines director for research

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.

About the author
Miguel R. Camus
Miguel R. Camus

Miguel R. Camus has been a reporter covering various domestic business topics since 2009.

Featured News
Explore the latest news from InsiderPH
Thursday, 20 February 2025
Insight to the one percent
© 2024 InsiderPH, All Rights Reserved.