FBDC may put up Science Museum in Global City

Fort Bonifacio Development Corp. (FBDC), a joint venture between the Bases Conversion Development Authority (BCDA) and the Ayala Land-Campos group, is exploring the possibility of building a science museum within the 240-hectare Bonifacio Global City (BGC) as part of efforts to enhance foot traffic and lure more business at the former military base.

Ayala Land chairman Fernando Zobel De Ayala told reporters that the group is always on the hunt for novel concepts as an added competitive edge to increase foot traffic. Among these concepts, he said, is the possible establishment of a science museum to cater to children and families.

"We’re studying the concept and hopefully we can have it in the next two years," Zobel De Ayala said.

Zobel De Ayala said the group may forge a partnership with a foreign group for the proposed project.

FBDC is positioning BGC as the next premier business district with gross built-up floor area estimated to reach 1.7 million square meters in the next five years.

Out of the programmed P10-billion capital budget, P1.8 billion will be spent this year for the continued development of the BGC. Last year, FBDC already spent P2 billion for infrastructure development of the former military complex to attract more locators.

Of the projected 1.7 million square meters of floor space, 1.02 million will comprise residential developments, 305,904 square meters for commercial purposes, 212,015 square meters for institutional use, and 159,660 square meters for office space.

According to the FBDC, over 100 buildings are either completed or in the planning or construction stages in Bonifacio High Street, which forms the center of the BGC development. Bonifacio High Street offers a gross leasable area of 26,900 square meters and has over 150 retails shops and restaurants that feature the latest and most novel concepts.

Bonifacio High Street is expected to accelerate the sale of prime lot sales in BGC and accelerate the emergence of critical mass.

The selling price of commercial land in BGC has gone up from just P50,000 per square meter in 2004 to P185,000 per square meter. A total of 80 lots, representing 122,000 square meters of floor space, had already been sold since 2003.

Several entities have expressed interest to buy lots or locate in BGC. Among the prospective locators include a group operating and managing a five-star hotel, and several foreign investor groups eager to make or beef up their presence in the country.

New developments within the former military base include the Hongkong Shanghai office building along 5th Avenue, (expected to be completed this month), the St. Lukes Medical Center which will house 600 beds and 366 doctors’ offices, The Singapore Embassy and Net3 which will cater to business process outsouricing firms (BPOs).

FBDC is eyeing revenues of P2.5 billion this year or an increase of 39 percent from the P1.8 billion recorded in 2006.

In 2003, Ayala Land, Inc. and Evergreen Holdings, Inc. of the Campos Group purchased from Metro Pacific Corp. a controlling stake in Bonifacio Land Corp., a co-owner in FBDC, which is tasked with the master-planning of the BGC.

The Ayala Land-Campos group’s vision for BGC is to transform it into a "dynamic, modern community with a mix of residential and commercial land uses."