Ayala unveils 'biggest investment' in one area
MANILA, Philippines - The Ayala group and its partners are pouring P30 billion over 4 years into the development of a prime real estate block in Bonifacio Global City in Taguig.
At a press launch on Thursday, June 28, Ayala Land CEO Antonino T. Aquino referred to this block as "the biggest investment in one single area."
Situated between 3rd Avenue and 30th Street is One Bonifacio High Street, a name apt to show its "importance" as "the principal address" in Bonifacio Global, explained Aquino.
Aquino said half of the costs would be taken on by the Shangri-La Group, which will erect a 5 star hotel. "This is going to be the best Shangri-La put up in this country," he added.
He said the remaining P15 billion of the investment will be shared by Ayala Land (via unit Ayala Land Premier), Campos-Ayala venture Evergreen Holdings, and Fort Bonifacio Development.
Of this amount, the following real estate projects will be built;
- P2 billion to P3 billion for a retail component featuring 63 stores
- P9.9 billion for The Suites, a premier residential project
- P3.5 billion for the new Philippine Stock Exchange (PSE) tower
Below is the location of the future PSE tower within the premier block:
The market has been receptive for the high-end real estate products. Buyers for the suites is "a very discerning affluent" one, said Aquino.
After priority selling for the 298-unit residential suites started on June 24, 99% were reserved within 96 hours, leaving only 3 units of 298 left as of June 28.
He said Fort Bonifacio is the neighborhood to be in and that One Bonifacio High Street will "cut at the heart of the district."
"The defining element that we will always set in any Ayala Land Premier project is location," said Aquino.
Beyond Wall Street
"If we consider Makati to be the Wall Street of the Philippines, Ayala Avenue is effectively [that] Wall Street. In Bonifacio, we did something better… the center is called Bonifacio High Street, the longest pedestrian mall in the country -- one kilometer long," said Aquino.
"This (One Bonifacio High Street) is where we are going to offer nothing but the best in terms of living in the suites, working, living… and a lot of entertainment and dining," said Aquino. - Rappler.com