By Jennifer B. Austria
Manila Standard Today
June 1, 2006

Fort Bonifacio Development Corp., a joint venture between Bonifacio Land Corp. and state-owned Bases Conversion Development Authority, expects to generate P55 billion from the sale of properties in the 240-hectare Bonifacio Global City in Taguig.

Ayala Land Inc. president Jaime Augusto Zobel de Ayala said Fort Bonifacio had 313,000 square meters of saleable land, net of the land reserved for roads and open space, which could be worth P55 billion at market value of P150,000 to P180,000 per square meter.

Ayala said he expects market value of the property to appreciate in the coming years and as demand becomes higher than supply after the sale of lots gradually reduces the number of lots available.

Since Ayala-Campos partnership acquired the 55 percent of Metro Pacific Corp. in Fort Bonifacio, the company has sold lots worth P4.3 billion.

Property giant Ayala Land Inc. and businessman Jose Campos of United Laboratories acquired Metro Pacific’s interest in Bonifacio Land for $90 million. The transaction led Ayala Land and the Campos group to secure a firm hold on Global City—a most sought-after real estate property in the country.

Fort Bonifacio launched last week its P8 billion master plan for the 36-hectare City Center inside Global City. Under the plan, the City Center will form the physical core of the project and consist of mixed-use developments, such as high-tech offices, residential buildings, retailing outlets, and roads and walkways. The City Center will have nine grids of blocks that will be developed in several phases.

The Fort Bonifacio will sell the first grid, which has nine lots for mixed-use development projects such as hotel, condominium and office buildings. Ayala said the lots would sell between P150,000 and P185,000 per square meter, which could generate sales between P2.7 billion and P3.33 billion for the company.

More about Bonifacio Global City

• Bonifacio Global City : the Philippines’ future premiere central business district
• Bonifacio Global City™ Gets A Grand Makeover
• The Bonifacio Global City Center

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