Ayala Land launches P30-B mixed-use devt in Global City

The Philippine Stock Exchange and Shangrila Hotel will soon move to The Fort—the country’s emerging premier business, education and residential hub, where the land value averaged at P189,000 per square meter in the first quarter of this year.   An expanse of 240 hectares, the former base of the Philippine Army—known then as Fort Bonifacio—now hosts multinational companies, leading business process outsourcing hubs, international schools, and high-rise condominiums.   Ayala Land Inc. president Antonino Aquino said the PSE and Shangrila will be close neighbors in the Bonifacio Global City, on the One Bonifacio High Street.   One Bonifacio High is bounded by 28th Street, 3rd and 5th Avenues. The block is estimated to cost P30 billion to build.   The entire mixed-use block is set to finish late 2016 or early 2017, the ALI president said.  ALI, Evergreen Holdings, and Fort Bonifacio Development Corp are the developer-proponents.   Future PSE home   About P3.5 billion pesos of the mixed development project will be spent for the construction of the new bourse building, Aquino told GMA News Online.   The PSE will have the "naming rights" to the new building. A residential building dubbed the Suites will be built near the bourse and Aquino said it will be for the PSE dealers and brokers.   Half of the P30 billion will account for the Shangri-La Hotel while the second half is divided about equally among the rest of the block, said Jose Juan Jugo, head of Ayala Land Premier.    HongKong and Shanghai Banking Corp., Sunlife, BASF, Del Monte Philippines are among the corporate locators in BGC.   The International School Manila, the British School, Japanese School, STI, Enderun Colleges, and Global City Innovative College are also in BGC.    Expensive real estate   According to international real estate research firm Colliers International, comparative land values in BGC ranged from P154,500 to P225,145 in the first quarter and are forecast to rise by 17 percent over the next four quarters.   By comparison, land values in the Makati Central Business District are from P271,501 to P296,759 but would be rising by only 6.64 percent.   Rental rates in BGC which ran at an average of P720 per square meter for Grade A office space, Colliers noted, “have continuously surpassed that of Makati since 2Q 2011.”   Colliers also forecast “new supply” of office space in BGC to hit 244,123 square meters in 2013 while in Makati CBD the new space is seen at 64,837 square meters. —CGL/VS/ELR, GMA News