Posted by: Icel Dy | March 17, 2009

Fort Bonifacio fast replacing Ortigas Center as alternative CBD

Fort Bonifacio fast replacing Ortigas Center as alternative CBD

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.

A month from now, the Bases Conversion and Development Authority will award the contract for the 93-hectare master plan for Fort Bonifacio, said to be the next major development in the area.

Leanie Sales of Colliers International said the success of the master planning in Fort Bonifacio would depend on the type of projects.

“The master planner and the consultant should create synergy in the area. They have to take into account what is already there and what could be a demand generator,” she pointed out.

The property analyst noted that if the developer plans to proceed with building residential condominiums again, they have to make sure that these are different from existing ones.

Ms. Sales said she sees Fort Bonifacio has a potential not only to become a residence for the rich, but also for workers from the BPO industry looking to own their first house.

During the American colonial period, the US government acquired a 25.78-square kilometer property of Taguig for military purposes.

After Philippine independence, the facility, known then as Fort William McKinley, became the home of the Philippine Army and later, the Philippine Navy and became Fort Bonifacio.

When Fort Bonifacio was privatized and placed under the administration of the Bases Conversion and Development Authority, the whole area was restored to Taguig.

http://www.bworldonline.com/BW021209/content.php?id=101

 Still wondering where to best put your money in? 

One Serendra in Fort Bonifacio offers big luxurious units, a condo that feels like a home.

For more information on One Serendra, you may call me: ICEL DY at 0917-88-AYALA(29252)


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