Apparently impressed by the modern-looking UP-Ayala Techno Hub along Commonwealth Avenue, the University of the Philippines (UP) Board of Regents has awarded a lease contract to Ayala Land to build a â€œuniversity townâ€ that will include BPO offices at the current location of UP Integrated School (UPIS) along Katipunan Avenue in Quezon City.
Photo from manilaofficespace.com
The Ayala realty firm said in a disclosure to the Philippine Stock Exchange that it will spend around P3 billion to develop the 7.4-hectare property also known as the UPIS campus.
UP conducted a public bidding in November last year for the relocation and building of a new UPIS in a location within the main Diliman campus identified by the university.
The contract of lease will be 25 years with the option to renew for another 25 years by mutual agreement, the company said.
â€œThe Company envisions the project as a University Town concept consisting of mixed-use retail and office components, with firm emphasis on academic support facilities. This will be the first of its kind in the country to reflect a strong collaboration between the academe and the industry,â€ Ayala Land said.
The project will involve the construction of retail establishments and â€œa combination of headquarter-and-the-BPO-office type buildingâ€, the company said.
Construction is scheduled to start within the year and is expected to be finished by the fourth quarter of 2013, Ayala Land disclosed.