In a disclosure to the Philippine Stock Exchange, ALI said it bought the shares from minority shareholders at P136.93 per share.
With the purchase, ALI’s stake in Fort Bonifacio Development Corp. (FBDC), a joint venture between BLC and the state-run Bases Conversion Development Authority, increased to 20.48 percent from 17.83 percent.
The purchase of additional stake reinforces the Ayala Group’s strong confidence in Bonifacio Global City; which has become a major battleground for real estate developers.
FBDC has earmarked P8 billion over the next 20 years for a grand makeover 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.
It would be recalled that in 2003, Metro Pacific Corp. sold its controlling stake in BLC to ALI and Evergreen Holdings Inc. of the Campos Group.
The Ayala-Campos group’s vision for Bonifacio Global City is to transform it into a "dynamic, modern community with a mix of residential and commercial land uses."
The new 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.
The plan also 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.
When ALI took over the management of FBDC, it adhered to the vision of the master- planned Bonifacio Global City becoming a prime residential and business hub. The area 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.
Among the residential buildings that have been recently completed include Bonifacio Ridge, One McKinley Place and Penhurst Parkplace.
Others under construction include Fairways Tower, Forbes Town, Fifth Avenue Place and Serendra. Also in the area 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 also opened at The Fort Square, Bonifacio Stop-over and the Car Plaza.