New PSE building at Fort Global to break ground this 2012

MANILA, Philippines – The ground breaking of the new trading floor and corporate headquarters of the Philippine Stock Exchange (PSE) at the Fort Bonifacio Global City is expected to occur this 2012, an official of the property developer, Ayala Land Inc, said.

“We expect groundbreaking this year or shortly thereafter,” Ayala Land Chief Finance Officer Jaime E. Ysmael said at a press briefing on May 9.

He described the development as a ‘super block’ with the high-end Shangri-la Hotel on the northern side, the PSE on the eastern side, and a mall and a residential building on the southwestern side.

“It will be the prime address in Bonifacio Global City,” he said.

Ysmael noted that the new building “may not be as lavish” but that they would try to retain the open feel of the current headquarters. He said the New High Street will span in front of the development and the Mind Museum behind it.

He said he expects the building to have about 30 floors and to have roughly the same gross area as the current PSE headquarters in Ayala Tower One. However, he said they would make the trading floor smaller to make room for more office space.

He noted that most trading isn’t done on the floor any more and that the Makati office had been crowded after it was consolidated with the second trading floor in Ortigas in 2010.

The PSE “will have naming rights. We view that as an asset to Bonifacio Global City.”

But he said Ayala Land, Greenfield Development and Fort Bonifacio Development Corp. (FBDC) would maintain more than 50% ownership and control the majority of the financing.

Opening of the building is still be 3 to 5 years away with Ysmael favoring “2016 or 2017.”

He said they hoped the timing would coincide with the opening of a high end mall and residential tower in the same complex.

“It is to our interest to accelerate it because that will be good for the entire development,” said Ysmael.

The transfer of the PSE headquarters to Global City has long been delayed. The original target was 2004 but was perennially moved after much haggling on naming rights, exact location, among others. – Rappler.com