Monday, September 21, 2009 | MANILA, PHILIPPINES [ BusinessWorld Online ]
THE BONIFACIO Global City expects to become as big as Makati in terms of floor area in three years, the developer of the former military reservation in Taguig said, pointing to the mushrooming of condominiums, corporate headquarters, and retail businesses.
This would be a huge change from what used to be viewed as just an alternate route to the Makati central business district (CBD).
In a statement, the Fort Bonifacio Development Corp. (FBDC) said it expects Bonifacio Global City’s gross floor area to hit 2.6 million square meters (sq. m.) by 2012 or more than twice the figure today. Citing various studies, FBDC said it expects the supply of residential units to reach 8,442 units — at par with Makati’s and surpassing Ortigas’ 7,000 units.
Property analysts have projected Bonifacio Global City to come out of depressed prices first. Rates in Fort Bonifacio fell by a fifth to P550 per sq. m. in the second quarter.
This was slower compared to the 42% drop in the price of prime offices in the Makati district to P700 per sq. m. from April to June. Property experts expect land prices at Fort Bonifacio to go up in the future as it dethrones Ortigas Center in Pasig as an alternative CBD three to five years from now.
"The vision is to create an ideal and balanced lifestyle with sufficient time for work and recreation. By creating an environment that fosters such a balance, we hope to attract locators who will contribute further to this goal," Noel Kintanar, FBDC head of commercial operations, said.
FBDC is a joint venture between Ayala Land, Inc. and Campos-led Evergreen Holdings, Inc., as well as the government’s Bases Conversion and Development Authority. Ayala Land and Evergreen bought the controlling stake in the property firm from Metro Pacific Investments Corp. in 2003.
With the opening of the Bonifacio High Street commercial center, FBDC said the development is spreading northward through the "City Center North" area, which has 14 commercial lots that are around 2,000 sq.m. each.
Aside from City Center North, other developments include a science museum — The Mind Museum — which is expected to draw 250,000 visitors annually upon completion in 2011.
"This will be in addition to plans to expand and upgrade the transport system and other systems, infrastructure, and amenities that will ensure a city that works," FBDC said.
Fort Bonifacio dates back to the American colonial period, when the US government acquired land in Taguig for military purposes. After Philippine independence, the area, known then as Fort William McKinley, was renamed Fort Bonifacio and became the home of the Philippine Army and later, the Philippine Marines.
When Fort Bonifacio land was privatized in 1995 and placed under the administration of the Bases Conversion and Development Authority, the whole area was restored to Taguig.
High-end residential condominiums include Essensa, Serendra, Pacific Plaza and Regent Parkway, Forbeswood Heights, and Kensington. Office buildings include Net Square, Bonifacio Technology Center, the HSBC Building, Hanjin Philippines, and the Singapore Chancery.
More projects are set to rise on the area, which include the six-star, 60-storey Shangri-La at the Fort which would have 500 hotel rooms and 234 apartments. It is scheduled to open in 2012.
The Philippine Stock Exchange is planning to build a unified headquarters at Fort Bonifacio, leaving its offices in Makati and Ortigas.
The 14-storey St. Luke’s Medical Center, which will have 600 beds and an 11-storey medical arts building with 366 doctors’ offices, will open this year.
Fort Bonifacio will also become the site of the country’s tallest building, the 66-storey skyscraper Federal Land Tower costing P20 billion. — Kristine Jane R. Liu
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