Fort Bonifacio fast replacing Ortigas Center as alternative CBD
BY KRISTINE JANE R. LIU, Reporter (BusinessWorldonline)
LAND PRICES in Fort Bonifacio in Taguig City are expected to continue rising as the 26-square kilometer former military base dethrones Ortigas Center in Pasig as an alternative central business district (CBD) three to five years from now, property experts said.
“Three to five years from now, Fort Bonifacio can easily dethrone Ortigas Center as the alternative business district and [by] that time, it will be challenging Ayala as the next major central business district,” said Victor Asuncion, CB Richard Ellis Philippines director for global research and consulting.
CB Richard Ellis said it expects lease and occupancy rates in Fort Bonifacio to post the highest growth. “Lease rates in the district have been on a steady [rise], with most office buildings reporting full occupancy,” it said.
Its proximity to the Makati central business district and ongoing improvements in the disctrict also make it an ideal location for business process outsourcing (BPO) companies and traditional office space tenants, it added.
Mr. Asuncion based his assessment on buildings that are set to rise in the area, among these a six-star hotel that the Shangri-La Hotels and Resorts group expects to complete next year.
The 60-storey tower Shangri-La at the Fort will house 500 guest rooms and 234 apartments and is scheduled to open in 2012. Meanwhile, the Philippine Stock Exchange (PSE) will set up a unified trading floor in Fort Bonifacio and vacate its offices at the Ayala Tower One in Makati and the PSE Tektite in Ortigas Center.
Also rising there is a 14-storey St. Luke’s Medical Center that will house 600 beds, and an 11-storey medical arts building with 366 doctors’ offices. The hospital is expected to start operations this year.
Fort Bonifacio will also become a site of the country’s tallest building, the 66-storey skyscraper Federal Land Tower. Construction of the P20-billion project started late last year and once finished, will strip Makati’s 55-storey PBCom Tower of its title.
A number of high-end residential condominiums have been built by the country’s biggest property developers in Fort Bonifacio, among these Essensa, Serendra, Pacific Plaza and Regent Parkway, Forbeswood Heights, Kensington and office buildings like Net Square, Bonifacio Technology Center, HSBC Building, Hanjin Philippines’ building, and the Singapore Chancery.
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Regards,
Coco Midel
AYALA LAND PREMIER
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