FBDC cuts debt from P3B to only P500M

In a short span of three years, the Fort Bonifacio Development Corp. (FBDC) has been able to reduce its debt from P3 billion to just P500 million, according to FBDC commercial operations head Aniceto V. Bisnar Jr.

In a press briefing, Bisnar said that the debt was reduced using proceeds from the sale of various properties and lease revenues.

The FBDC debt was incurred before the entry of the Ayala and Campos Group in FBDC in 2003.

The FBDC is a joint venture of the Bases Conversion and Development Authority (BCDA) and the Bonifacio Land Corp. which is comprised of Ayala Land Inc. and Evergreen Inc. of the Campos Group.

Prior to the entry of the Ayala and Campos Group in FBDC, the joint venture partner of the BCDA was the Metro Pacific Group.

The remaining P500 million is owed to various creditor banks.

Earlier, Bisnar had said that the FBDC plans to spend another P1.5 billion next year to further develop road infrastructure, landscaping and more than 1.6 million square meters of floor space covering at least 79 buildings and complexes.

The FBDC will spend an average of P1.5 billion a year over the next five years to fully develop the Bonifacio Global City which will rival the existing Makati Business District.

BCDA Vice President for Corporate Planning and Business Development Aileen Zosa said that a critical mass of commercial/retail, residential, institutional, office developments is fast emerging in the Bonifacio Global City.

These real estate projects include those initiated, funded or developed by both BCDA and FBDC.

According to Zosa, office spaces in the Bonifacio Global City would increase by 75 percent in the next three years as locators realize the emergence of Bonifacio Global City as another globally-competitive business district.

At present, the Bonifacio Global City has some 56,100 square meters of gross floor area devoted to office spaces in the Bonifacio Technology Center, Net One and Net Square, among others.

Lined up for construction are local and international offices like Fort 26th Street, HSBC, Hanjinphil Headquarters, Net Cube and the Chancery for the Singapore Embassy, which will collectively bring up the office space to 221,555 square meters.

The BGC also features a high quality of life to its locators given the availability and proximity of residential and commercial centers to offices, provision of reliable, 24-by-7 water and electric supply and telecommunications service as well as the spectacular view of the adjacent Manila Golf fairways.

Complementing the rise in office space are ongoing residential projects: Kensington Place, Fairways Tower, South of Market, Hampton’s Place, Forbestown, Fifth Avenue Place, Serendra and the Icon.

New projects to look out for are McKinley Park Residences, Seibu, Chateau de Noble and Grand Hamptons II.