AYALA Land Inc. will spend up to P22 billion to develop a new central business district next to its Trinoma Mall, and on a 29.1-hectare property that stretches from Edsa to Agham Road in North Triangle, Quezon City.

Ayala Land told the Stock Exchange it would develop the property in joint venture with the National Housing Authority, the state-run firm that owns the land.

The joint venture represents the conclusion of a public bidding that the housing agency conducted starting last year.

“The CBD will be developed as the Philippines’ first transit-oriented mixed-use central business district that will be a new nexus of commercial activity,” Ayala Land said.

“The proposal also aims to benefit the NHA in achieving its mandate of providing housing for informal settlers and transforming a non-performing asset into a model for urban renewal.”

The housing projects in the area might include high-rise and medium-rise residential condominiums that would cater to the middle- and low-income earners, the company said.

Ayala Land expects to start development within two years. The property is now occupied by squatters.

Well known for developing high-end residential projects, Ayala Land earlier announced plans to enter the mass housing market in a bid to boost its revenue.

Ayala Land has three residential brands: Ayala Land Premier, which caters to the high-end customers; Alveo Land, which targets middle-income household, and Avida Land, which addresses the needs of the lower-income earners.