Federal Land to launch P2.7-B tower in Bluebay

MANILA, Philippines - GT Capital Holdings Inc., through its property development arm, is launching next year a P2.7-billion mixed-use project in its Bluebay development along Roxas Blvd., officials said Friday.

This will coincide with the unveiling of another Grand Hyatt Hotel in Fort Bonifacio in Taguig, in partnership with the Oryx Group of Japan.

Federal Land Inc., the conglomerate’s property arm, has a 40-hectare development in the Roxas Blvd. area, said GT Capital president Carmelo Bautista.

The P2.7-billion project to be launched next year is a fully commercial development with an integrated mall and office spaces, mainly BPO office spaces, said Ana Bess Pingol, Federal Land senior vice president.

The project will be launched in two phases.

“For Phase 1, we have a budget of P1.2 billion. It’s a fully commercial development while Phase 2 is an integrated mall and office with a budget of P1.5 billion,” she said.

Phase 1 will be launched in the middle of next year while Phase 2 will be kicked off in the latter part of next year.

The mall will have a size of roughly 45,000 square meters, similar to the size of the Power Plant Mall in Rockwell, Makati.

Both phases cover 27,000 square meters.

Aside from the Bluebay project, Federal Land, together with Orix Corp. of Japan, will also soon unveil another landmark development in Fort Bonifacio Global City, Pingol said.

The Grand Hyatt Residences is a 45-story luxury condominium development sharing a common podium with the 66-story Grand Hyatt Hotel.

Grand Hyatt Residences will rise next to the five-star Grand Hyatt Hotel along 8th Avenue in central business district of Taguig while Grand Hyatt Residences will feature 248 residential units with a podium planned for luxurious amenities and high-end retail establishments over a total saleable area of 39,271 square meters, company data showed.

The Grand Hyatt Hotel is envisioned to be the Philippines’ tallest skyscraper, with its lower half dedicated to office floors for sale or long-term lease while the upper half will be occupied by the Grand Hyatt Hotel. The property will be managed by Grand Hyatt Hotels Worldwide and is expected to cost $300 million, Federal Land said.

The two projects, Grand Hyatt Manila and Grand Hyatt Residences, are part of an integrated community being developed by a joint-venture of Federal Land and Orix.

The partners first joined to develop The Grand Midori Makati, a two-tower residential tower in Legaspi Village, Makati City.