Filtered By: Money Money Published November 21, 2008 7:15pm MANILA, Philippines - Property giant Ayala Land Inc. on Friday launched a large-scale mixed-use technology, commercial, and academic center in Quezon City in partnership with the University of the Philippines. The 38-hectare project aims to raise the level of IT and IT-Enabled Services provided by the Philippines to the developed economies. The UP-AyalaLand TechnoHub is a low-rise campus development located along Commonwealth Ave., within the UP Diliman Campus. To be completed this year, the six buildings offer a gross leasable area of almost 70, 000 square meters, primarily for companies engaged in IT and IT-Enabled Services, as well as in science and technology, Ayala Land Businessscapes, the company's office development arm, said. Four other buildings are expected to be completed by late next year, Marivic Anonuevo, group head of Ayala Land Businessscapes, added. Approximately P6 billion has been allotted for the buildings' construction.
While under the law, educational institutions are exempt from paying real estate tax, the Quezon City Treasury interprets that the property became taxable the moment the university leased it to a private firm. The auction was called off by the Supreme Court through a temporary restraining order. [13] Panorama of the U. Ayala Land TechnoHub from the second floor of the Tech Portal Building. Wikimedia Commons has media related to U. –Ayala Land TechnoHub.