Jun V. Bisnar, head for commercial operations of FBDC, said the selling price of commercial land in Bonifacio Global City has gone up from just P50,000 per square meter in 2004 to P185,000 per square meter.
Bisnar didn’t say how much FBDC expects to generate from the sale of commercial lots but said a number of companies have already expressed interest to acquire these properties. Among the prospective locators include a group operating and managing a five-star hotel, and several foreign investor groups eager to beef up their presence in the country.
He said about three to five lot sales are expected to be completed by the end of the year.
Bisnar said property developers are enjoying brisk sales that they are planning on their fourth or fifth project in Bonifacio Global City. The strong take-up was attributed to a resurgent OFW (overseas Filipino worker) market.
New developments within the former military base include the Hongkong Shanghai office building along Fifth Avenue, (expected to be completed in January 2007), the St. Luke’s Medical Center which will house 600 beds and 366 doctors’ offices, the Singapore Embassy which is about to start construction, and Net3 which will cater to business process outsourcing firms (BPOs).
FBDC is spending P8 billion over the next 20 years for a grand facelift of the Bonifacio Global City in line with its new masterplan aimed at transforming the former military base into a premier commercial and financial district.
The master plan involves the development of a retail component which will rise on a 40-meter wide landscaped area. It will comprise new retail stores and restaurants with the latest and most novel concepts.
New developments continue to rise at the Global City which 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 the Bonifacio Global City are international schools, such as International School Manila, Japanese School and British School, among others.