ALI to develop part of ABS-CBN HQ for P6.2B

Ayala Land Inc. (ALI) is considering plans for a mixed-use project that will replace a portion of ABS-CBN Corp.'s headquarters in Quezon City after purchasing the property for P6.2 billion.

The sale covers 30,000 square meters out of the total 44,027.30 square meters and includes the Dolphy Theater and 'It's Showtime' studio.

ABS-CBN plans to consolidate its operations within the remaining area and use funds from the sale to partially settle existing bank loans.

ALI is currently in a masterplanning phase for the property and will begin construction once the deed of absolute sale is signed and ABS-CBN turns over the sold property.

A source from ABS-CBN confirmed that it is still 'business as usual' at the property, with both parties waiting for the signing of the deed of absolute sale.