Corporate News

Ayala Land starts work on P28-B Bonifacio block

Posted on December 19, 2012

PROPERTY DEVELOPER Ayala Land, Inc., together with partners Evergreen Holdings, Inc. and Fort Bonifacio Development Corp., yesterday broke ground on One Bonifacio High Street, a 3.2-hectare premium mixed-use block in Bonifacio Global City whose segments will open from 2016 to 2018.

“We broke ground today and we are very happy about the developments that are happening among three specific components: retail, office, residential,” Antonino T. Aquino, Ayala Land president, told reporters at Mango Tree Bistro, Bonifacio High Street, Taguig City.

One Bonifacio High Street, located west of the existing Ayala Land-developed Bonifacio High Street commercial strip, is estimated to cost a total of about P28.2 billion.

Ayala Land officials in the same briefing bared details of structures that will rise on the site.

“We’ve finalized our plan for the new PSE (Philippine Stock Exchange) and that is now in the process of execution. The office component will see completion in mid-2016, while the retail [segment] will be done in the earlier part of 2016,” Mr. Aquino said.

PSE currently occupies Tower One PSE Plaza along Ayala Avenue in Makati City. The new PSE will be a 22-storey building with 29,000 square meters (sq. m.) of office space, 19,900 sq. m. of which will be used exclusively by the stock exchange, Carol T. Mills, Ayala Land senior division manager for Business Development and Strategic Planning, Commercial Business Group, said during the briefing.

“It will have a 100% glass facade, a double-height entrance lobby, and an amenity floor with conference rooms and business lounges for locators such as multinational corporations and financial firms,” Ms. Mills said, adding that the 24,000-sq.-m. retail segment will also open in 2016.

Also rising on the site is The Suites, a 63-storey, 298-unit condominium being built by Ayala Land’s upscale brand Ayala Land Premier. Turnover of The Suites -- where units sell for P25 million each compared to a P12-14-million average in Makati City -- is set for 2018, Jose Juan Z. Jugo, Ayala Land Premier head, said.

Ayala Land shares rose by 30 centavos to P25 apiece yesterday from P24.70 last Monday. -- Franz Jonathan G. de la Fuente

Deal sealed for project

PHILIPPINE ESTATES Corp. (PHES) has tapped Ayala Land, Inc. unit Avida Land Corp. for a mixed-use project in the Gatchalian firm’s 60-hectare property in Valenzuela City, PHES said in a disclosure yesterday.

“Earlier today (Dec. 17), PHES entered into an agreement for the proposed development by Avida Land Corp. of the company’s properties in Valenzuela [City],” PHES said.

The property, Metrotech Industrial Park, formerly known as Plastic City Industrial Park, occupies 60 hectares in Barangay Calumay in Valenzuela City.

The planned complex will contain residential condominiums, townhouses, single-detached homes, as well as office spaces for business process outsourcing firms.

“We’re starting off with two-point-something hectares, out of the total 17 hectares that was the subject of the memorandum of agreement,” Antonino T. Aquino, Ayala Land president, told reporters during a briefing in Taguig City yesterday.

PHES shares ended yesterday’s trades at 71 centavos each, nine centavos down from Monday. -- F. J. G. de la Fuente