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Bonifacio area to see new developments

Posted on December 25, 2012 09:32:10 PM [ BusinessWorld Online ]
PROPERTY DEVELOPER Ayala Land, Inc. plans to unveil new features in the Bonifacio High Street (BHS), Market! Market!, and Bonifacio Stopover areas in Taguig City beginning next year in a bid to further boost the company’s offerings in the emerging Bonifacio Global City (BGC) commercial and business district, company officials said last week.
The firm, for one, is set to open in 2013 the Northwest building at BHS Central, which is an expansion of the existing BHS retail strip in BGC.
“This was launched in mid-2012, and is slated for completion by next year,” Carol T. Mills, Ayala Land senior division manager for Business Development and Strategic Planning, Commercial Business Group, said in an e-mail last Friday when asked on updates on the Northwest building, which according to BGC’s Web site broke ground last June.
“This (Northwest building) is part of the BHS Central development, and will consist of 18,000 square meters (sq. m.) gross leasable area (GLA), and will be taken up by foreign brands of [Tantoco-led] Store Specialists, Inc., while 3,000 sq. m. of GLA on the fourth floor will be four high-end cinemas. The cinemas will complement our retail offerings in BHS,” Ms. Mills added.
Asked to describe the cinemas, Ms. Mills said in a text message last Friday that these will be “more high-end than Greenbelt, with 200 to 300 seats per cinema. One of [Ayala Land’s] more luxurious cinemas.”
Greenbelt is Ayala Land’s premier shopping mall in Makati City.
Currently, BHS Central -- which lies at the west end of BHS -- consists of a southeast building with gallery-designed office and retail spaces, a southwest building housing fashion boutiques, and a northeast building containing restaurants, according to BGC’s Web site.
BHS Central is an expansion of BHS -- a one-kilometer strip consisting of premium retail and dining spaces -- that claims to be the first “Main Street” retail concept in the country.
Ayala Land is also poised to refurbish Market! Market!, the company’s “one-stop” shopping mall in BGC featuring themed retail zones, a fruit and flower market, and a so-called regional food and hawkers’ area, according to the Web site of Ayala Malls, Ayala Land’s mall operating arm.
“For the coming months, we shall continue with the enhancement of the Fiesta Market which has been the signature offering of Market! Market!,” Joseph F. Reyes, Ayala Land general manager for Market! Market! and BHS, said in a separate e-mail, referring to Fiesta Market, an outdoor market area within the shopping mall.
Ayala Land is also giving the Bonifacio Stopover area a make-over, adding retail spaces at the commercial hub located along 32nd Avenue.
“Another project in the pipeline is the redevelopment of Bonifacio Stopover (where Shell gasoline station is located). This is scheduled to open in 2014, giving it a GLA of 6,400 sq. m.,” Mr. Reyes said.
“Previously, this commercial area used to house popular and affordable dining destinations which served nearby offices and schools. Its redevelopment will allow us to increase its (Bonifacio Stopover’s) offerings to better serve the expanding market,” he added.
BHS, Market! Market!, and Bonifacio Stopover are all located in BGC, the site of the former Fort Bonifacio that used to be the second home of various armed forces branches after Camp General Emilio Aguinaldo in Quezon City, according to BGC’s Web site.
Roughly 240 hectares of the old Fort Bonifacio was handed to the Bases Conversion Development Authority in the 1990s, paving the way for the area’s development into a business, residential, and commercial hub.
Ayala Land was formed in 1988 when parent conglomerate Ayala Corp. decided to spin off its real estate division into an independent subsidiary to enhance management focus on its real estate business. Ayala Land went public in 1991.
Ayala Land shares shed 15 centavos or 0.56% to P26.80 apiece last Friday from P26.95 last Thursday.
Philippine financial markets were closed on Monday and Tuesday for the Christmas holiday. -- Franz Jonathan G. de la Fuente    

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