PSE buys P805M worth of office space in Taguig
by James Loyola
May 19, 2015 (updated)

PSE logoThe Philippine Stock Exchange (PSE) is buying condominium units worth P805.37 million from Fort Bonifacio Development Corporation (FBDC) to house the bourse’s unified offices.

In brief disclosure to the Securities and Exchange Commission (SEC), PSE corporate information officer Aissa Encarnacion said the PSE has already signed a contract to sell with FBDC for the purchase of the condominium units.

The PSE said earlier that it has budgeted about P1 billion as its contribution for the construction of a grade “AAA” 23-story building that will become its unified headquarters in Bonifacio Global City.

While the whole building will cost around P3 billion to construct, the PSE will shoulder only about a third of it. Likewise part of the PSE’s contribution is the land donated by FBDC that will be the site of the building.

The PSE was given a lot at the premium block One Bonifacio High Street (BHS) at the core of BGC’s future central business district under a revised deal with Ayala Land Inc.

The office space was in exchange for the 2,000-square meter parcel of land originally donated to the PSE by FBDC as the site for its future headquarters more than a decade ago.

ALI officials said the upcoming office tower would have 29,000 square meters in leasable space, of which 19,900 sqm would be allocated to the PSE and its active brokers. The remainder will be leased out.

The unified trading floor will have about 2,000 sqm in space. The upcoming PSE headquarters would be similar to the IFC complex in Hong Kong.

The stock exchange used to operate two trading floors—one at Tower One on Ayala Avenue in Makati City, and another at Tektite building in the Ortigas district. It has put up for sale its office property in Ortigas and centralized corporate headquarters in Makati.

SOURCE: http://www.mb.com.ph/pse-buys-p805m-worth-of-office-space-in-taguig/#X6ZxFHZ63qXCligo.99