FBDC is a joint venture between the state-run Bases Conversion Development Authority and the Ayala Land-Campos group.
In 2003, Ayala Land Inc. (ALI) and Evergreen Holdings Inc. of the Campos group purchased from Metro Pacific Corp. a controlling stake in Bonifacio Land Corp., a co-owner in FBDC, which is tasked with the masterplanning of the BGC.
ALI chairman Fernando Zobel de Ayala said the group’s vision for BGC is to transform it into a "dynamic, modern community with a mix of residential and commercial land uses."
ALI executive vice-president Vincent Tan said the programmed capital budget will be sourced from internally-generated funds.
The masterplan involves the development of the necessary infrastructure to attract more locators into the area.
These include pedestrian walkways, a road network that would allow for a more efficient traffic management, and accessible park areas.
"We’re putting an effort to make sure that the project will work well and be successful over time," ALI president Jimmy Ayala said.
Ayala said about nine lots within the Citi-Center in BGC are up for sale. He didn’t say how much the company expects to generate from the sale of these properties but said a number of companies have already expressed interest to acquire these properties.
The masterplan also involves the development of a retail component. It will comprise new retail stores and restaurants with the latest and most novel concepts.
When ALI took over the management of FBDC, it adhered to the vision of the masterplanned BGC becoming a prime residential and business hub.
New developments continue to rise at BGC. It is now home to upscale residential condominiums such as Essensa, Pacific Plaza and Regent Parkway and office buildings such as Net One and Bonifacio Technology Center. Three more residential buildings Bonifacio Ridge, One McKinley Place and Penhurst Parkplace – have just been completed, while several more including Fairways Tower, Forbes Town, Fifth Avenue Place and Serendra have begun construction.
Also located at BGC are international schools such as International School Manila, Japanese School and British School, among others.
Many fine dining restaurants, fastfood outlets, commercial and retail shops have likewise opened at The Fort Square, Bonifacio Stop-over and the Car Plaza.