MAKATI CITY — Situated along Amorsolo Street, just beyond the popular “Little Tokyo” dining district, a 22,924-square-meter government-owned property is set to become one of the most notable real estate transactions of the year. The Mile Long Complex, estimated to be worth around PHP12.26 billion, occupies a prime location within Makati’s central business district. Its planned sale forms part of the government’s broader privatization program aimed at generating PHP101 billion in non-tax revenues to support priority initiatives without imposing additional taxes. For investors, the attraction is obvious: developable land within Makati’s CBD is increasingly limited, while parcels large enough to accommodate major mixed-use developments are exceptionally scarce.
Several Developers Expected to Bid
A number of leading property developers are anticipated to show interest once the official bidding guidelines are announced. However, Ayala Land Inc. has already stated that it will not participate, citing the property as “distant” from its current strategic priorities. The company is instead concentrating on two other government-owned sites. Among the parties widely expected to compete for the property are GT Capital Holdings Inc., the Ty family’s conglomerate through its real estate subsidiary Federal Land, and Sunvar Realty Development Corp., the former long-time lessee that was removed from the property in 2017. The bidding process is projected to be completed within the year, although the Privatization Council has yet to establish a minimum floor price.
Jobs, Revenue, and Urban Renewal
Beyond being a major property deal, the sale serves as an important economic instrument. Revenue generated from the transaction will help supplement government income and contribute to funding the military pension fund. Following redevelopment, the site is expected to evolve into a high-density mixed-use district featuring office spaces, retail establishments, residential towers, and hospitality facilities. Such a transformation would create construction-related employment, attract new investments and businesses, and strengthen Makati’s tax revenues. Its strategic location also positions it well for integration with future public transportation systems, increasing its potential as a transit-oriented development. For Makati, the Mile Long Complex presents an opportunity to revitalize an important commercial corridor. A successful privatization process would further strengthen the city’s reputation as the country’s leading business and investment hub. Over the coming months, attention will focus on which developer secures the property and how the next chapter of the Mile Long Complex will unfold.
