Bonifacio Global City is the new up and coming financial district in Metro Manila, Philippines. It is located 11 km south-east of the centre of Manila in an area disputed between the cities of Makati and Taguig as well as the municipality of Pateros. People choose to live in Bonifacio Global City because of its large green areas but been so close to Makati Central Business District but giving a true family residential life
Bonifacio Global City was once called Fort McKinley when the United States government first acquired it in 1902. Three years after the Philippines gained independence from the United States, Fort McKinley was turned over to the Philippine government. In 1957, it was renamed Fort Bonifacio after Andres Bonifacio—the Father of Philippine Revolution. In 2003, Ayala Land, Inc. and Evergreen Holdings, Inc. partnered with Bases Conversion and Development Authority to help shape and develop Bonifacio Global City—turning an area once synonymous with war and aggression into the world-class business and residential centre it is today.
A piece of Eden in the city of tomorrow - The Fort Bonifacio Global City. The bold, vibrant colours of life unfold before your eyes in the Global City: A city of green spaces dotted with startling public art pieces under a clear blue sky. It has some of the best schools and institutions in the Makati district these include:
Bonifacio Global City for all intents in purposes is basically greater Makati City but has its own investment fundamentals that make it an attractive place to invest in addition to the Makati fundamentals.
Bonifacio Global City (BGC; formerly known as Fort Bonifacio or Fort Boni) in Taguig City is poised to be the next growth area. Its strategic location is a big advantage for investors and end- users since Bonifacio Global City is bounded by 3 major roads: EDSA, C-5 and the South Luzon Expressway (SLEX). This makes the area very accessible from Paranaque, Alabang, and Laguna in the South; Quezon City in the North; and Antipolo City, and Rizal province in the East. It only takes 5 minutes to go to the Makati Central Business District via the Kalayaan flyover and McKinley Road. The place is perfect for the mobile individual and for corporations which intend to set up office in the area.
The construction of the St. Luke’s Hospital is full-blast. Based on news reports, St. Luke’s Hospital will be finished by 2009.
Fort Boni Consultancy (FBC) Comment: Admittedly, this is a relief - construction of the hospital was delayed for more than a year!
The presence of a first-class hospital at Bonifacio Global City will further strengthen its bid as a new Central Business District (CBD) in the Philippines.
The Philippine Stock Exchange (PSE) said that its board has authorized the management to enter into a memorandum of understanding with two property developers for a joint development of the bourse's headquarters in Fort Bonifacio in Taguig City.
Actually, a 2,182 sqm lot has already been donated by the Fort Bonifacio Development Corporation to the PSE. However, they can swap this lot for office spaces which will be equivalent in value that Ayala Land will construct at the BGC area.
FBC Comment: Good news indeed! Currently, the PSE has 2 trading floors, one in Ortigas Centre (i.e., Philippine Stock Exchange Centre, formerly called Tektite Towers) and another one at the Makati Central Business District (i.e., Ayala Tower One at Ayala Avenue).
The presence of a unified trading floor will really make Bonifacio Global City (BGC) a true-blue Central Business District.
Ayala Land may construct an office tower at BGC equivalent to the Ayala Tower One at Makati City and turn over the "x" square meters of office space to this unified exchange.
The Ascot Group of Singapore, the hotel group which purchased the former Oakwood Premier Hotel (at $ 54 Million) located at the Ayala Centre, Makati City, is considering the Bonifacio Global City as one of the locations of their hotel operations. No specific details were provided. There is also shortly to be a Hyatt and Shangri-La hotels. American business process outsourcing provider People Support Philippines, Inc. has acquired a 2,700-square meter lot in Taguig from the Fort Bonifacio Development Corp. (FBDC) as part of its plan to expand its operations in the country.
Company President Rainiero Borja said the property will house a 25-storey call centre building.
People Support expects to break ground this year, Mr. Borja said.
FBC Comment: The Business Process Outsourcing (BPO) industry in the Philippines is indeed growing. Honestly, the current supply of office space is not enough to meet the needs of this industry.
Most office buildings now at the BGC are occupied by these BPO companies.
Singaporean real estate developer Ascendas and the Net group, a consortium led by the Rufino Group, are infusing P2 billion to construct a new office building designed for business process outsourcing companies and call centres at the Bonifacio Global City in Taguig.
Ascendas president and chief executive Chong Siak Ching said the construction of the 36,000-square meter Net Quad, the fourth in the series of boutique Net buildings, was in response to the growing demand for high-quality business space in the Philippines amid a boom in call centre and BPO sector.
Carlos Rufino, president of the Net Group, said the Net Quad building had been 100 per cent leased out even before its ground-breaking ceremony yesterday attended by Singaporean President Sellapan Rama Nathan.
FBC Comment: This group has practically dominated the construction of office buildings at the BGC. There's Net One, Net Square, Net Cube (under construction and will be finished this 2007) and the latest is Net Quad.
Federal Land, Inc. tapped global design firm Hellmuth, Obata & Kassabaum, Inc. (HOK) International Ltd. to complete a master plan to develop the northern part of the Bonifacio Global City in Fort Bonifacio.
In a statement, Federal Land President Alfred Ty said the master plan covering 25 hectares in North Bonifacio is expected to be completed in 15 weeks. It will consist of a 10.4-hectare property owned by the country’s largest lender Metropolitan Bank & Trust Company (Metro bank) and two lots totalling 15.3 hectares of state-owned Bases Conversion and Development Authority (BCDA).
FBC Comment: I heard that Federal Land will be putting up an office building targeting the BPO industry.
THE AYALA Group will be putting up a science museum at the Bonifacio Global City, to bring to it a measure of art and culture.
Officials said during the launch of Bonifacio High Street late last week that the science museum, which is still in the early planning stages, will be located across the group's upscale Bonifacio High Street development--a kilometer-long strip of chic shops and restaurants a stone's throw away from The Fort and Market! Market!
FBC Comment: This will be really cool! On the other hand, I'm also looking forward to an Art Museum at BGC - something similar to the Metropolitan Museum of Art at Manhattan!
Other factors that make Bonifacio Global City an investment hub is its green areas and the fact it´s much more residential than Makati and therefore more of a place that you would want to bring up a young family in hence the large uptake in residential property units from the local Philippine population.