Metrobank’s real estate arm allots up to P4B for projects this year

Federal Land Inc., the real estate subsidiary of banking giant Metropolitan Bank & Trust Co. (Metrobank), is setting aside up to P4 billion this year for the construction of new and ongoing residential projects.

Fedland president Alfred Ty said the company is bullish on the property sector given the country’s improving economy, powered by strong remittances from overseas Filipino workers. The capital budget this year is higher than the P2.5 billion the company allotted in 2006.

Among the company’s new/ongoing projects include Manila Bay Gardens, a residential condominium located along Roxas Blvd. fronting Manila Bay; a new residential tower in its P5 billion masterplanned community in Marikina dubbed Marikina Town Center or Marquinton; and a new residential building in Makati.

Ty said the company is also considering expanding BlueWave, its strip mall at the Marquinton, due to strong demand from merchants, restaurants, and service providers because of its potential as the first commercial development in Marikina City for more than a decade.

Ty said Fedland is also awaiting the masterplan, being drawn up by Hong Kong-based Hellmuth, Obota and Kassabaum (HOK) International Ltd., for a 25-hectare property in the northern portion of the Bonifacio Global City. Of the total, 10.4 hectares belong to Fedland.

He said the company is planning to transform the property into a high-end mixed-use township with residential, commercial and retail developments. "There’s going to be residential condominium buildings, an office building, a hotel and a possibly a mall," Ty said.

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

Funding for the company’s projects will come from internally-generated cash, Ty said.

He said the company needs to further beef up its operations before it goes public. "We want to be ready for it when we do decide to go public. But it’s something we’re looking at," he said.

Fedland’s project portfolio includes Bayview International Towers and Ocean Tower along Roxas Blvd.; 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 at the Makati central business district, as well as ongoing property development in Metropolitan Park along the Manila Bay waterfront.