Metrobank unit mulls township project in Global City

Federal Land Inc., the property arm of the Metrobank Group of Companies, is planning to convert its 10.4-hectare property within the Bonifacio Global City in Taguig into a high-end mixed-use township with residential, commercial and retail developments.

In an interview, Fedland president Alfred Ty said the final blueprint for the project would all depend on the masterplan to be drawn up by Hong Kong-based Hellmuth, Obota, and Kassabaum (HOK) for the development of a 25-hectare property in the northern portion of the Bonifacio Global City.

The masterplan will also cover the two lots owned by the state-owned Bases Conversion Development Authority (BCDA), totalling 15.3 hectares.

Ty said the project may include the establishment of residential condominium buildings, an office building, a mall or a hotel. The plan is expected to be completed within four to five months.

Once completed, the BCDA can start the bidding process for the 15.3-hectare lots, said BCDA vice president for business development Aileen Zosa. The government agency tasked to oversee the development of Fort Bonifacio is targeting to start by the first quarter of 2007 the sale of its properties.

Ty said Fedland may join the bidding for the BCDA lots to further increase its properties within the area.

"We are confident that this project will maximize the values of both Metrobank and BCDA properties and ensure the development in North Bonifacio will be aligned with the redesigned concept of the Bonifacio Global City," Ty said.

Over the past three years, Bonifacio Global City has become a major battleground for real estate developers such as Ayala Land Inc., Megaworld Corp., Robinsons Land Corp., Century Properties, and Philtown Properties (the property unit of RFM Corp.)

Of the 240 hectares comprising Bonifacio Global City, 137 hectares are owned and developed by Fort Bonifacio Development Corp., which is 55 percent controlled by Bonifacio Land Corp. The remaining 93 hectares belong to the BCDA while 10 hectares are by the Ayala-led Metrobank.

Ty said Fedland, bullish on the property sector, will spend P5 billion next year for its capital expenditures, higher than this year’s P3 billion budget.

He said a portion of the 2007 capex would go to its Fort Bonifacio project while the rest will be channeled to Manila Bay Gardens, a residential condonimum located along Roxas Boulevard fronting the Manila Bay; and the continued development of Marquinton or Marikina Town Center, a P5 billion masterplanned community in Marikina.

The company also intends to pursue mixed-use commercial and residential projects in Multinational Village, Parañaque City (affordable duplexes and single-detached homes), and in Biñan, Laguna ( a subdivision and masterplanned community).

Fedland’s project portfolio includes Bayview International Towers and Ocean Tower along Roxas Boulevard; Valencia Hills in the heart of San Juan and Quezon City; Oriental Gardens and Skyland Plaza in Makati City.

The company also developed the PSBank Tower and the GT Tower International along the Makati Central Business District, as well as ongoing property development in the Metropolitan Park along the Manila Bay waterfront.