The P30-billion worth of projects was named One Bonifacio High Street, a joint project of Ayala Land, Evergreen Holdings, and Fort Bonifacio Development Corp. The Suites has a development cost of P9.9 billion and the new PSE building will cost P3 billion to P4 billion.
ALI President Antonino Aquino said that the Philippine economy has never been progressive and this is a good sign to start large projects.
"Ayala Land's aggressiveness is the result of the Philippines' good economy, which outshined the crisis all over the world," he said.
ALI's discussion with PSE has also progressed well, Aquino added. The real estate company believes that the PSE's decision to move to Global City, which is located in Taguig City, was probably driven by the good trend of the economy during the past few weeks.
ALI estimates the PSE building will be finished in late 2016, or early 2017.
As for The Suites, the latest residential development of ALI, Aquino said that four days after it was launched, only three units are left for sale, Aquino said that most of their customers came largely from the Philippine front, mainly overseas Filipino workers.
"The Philippine demand is too strong. We didn't have to look outside the country to gain more customers," he said. The Suites is the first all-suite residential development in the block, surrounded by offices, malls and a museum.
"In developing a property, ALI's main concern is the location. We always make sure that in building residential development, the location will be very compliant to our clients," Aquino said.
One Bonifacio High Street is known for hosting some notable lifestyle spots in the Bonifacio Global City (BGC).
"BHS [Bonifacio High Street] banners Ayala Land's aggressive efforts in BGC, as evidenced by the presence of the developments within its one-kilometer strip that traverse at the heart of the district," said Aquino.
ALI is involved in property development spanning residential, commercial and industrial space development, mall and hotel operations, construction, and property management services. Almost 62 percent of its revenues come from sales of residential and industrial land, and the leasing of shopping centers and office space.
Madelaine Miraflor
29 June 12
The Manila Times
