Bonifacio Global City experiencing rapid growth

August 18, 2008

Key indicators point to the sustained growth of the 240-hectare Bonifacio Global City located within the progressive city of Taguig. In 2007 alone, the premier business district witnessed the completion of three office towers and six residential buildings. Within the next 12 months, seven more residential and another four modern office buildings will be completed.

Accounting for a gross floor area of 2.62 million square meters for completed, on-going and proposed new developments covering 125 projects, Bonifacio Global City (BGC) is clearly on its way to becoming a major business center of Metro Manila. The ongoing planning of about 3 to 4 luxury and business hotel projects in BGC is another clear indication that BGC is becoming the preferred location of various businesses and offices.

The three recently completed office towers are a welcome addition to the business district’s existing office inventory. BGC has a long list of multinational companies wishing to locate and to join the ranks of Ascendas Philippines, Sony-Ericsson Philippines, GE Philippines, Orica Philippines, Deutsche Knowledge Service, Tetra Pak Philippines, Wrigley Philippines, HSBC, Del Monte Philippines, Community Innovations, Inc., Hanjin Philippines as well as NEC Telecoms. These firms have set up offices in the area. The Singapore government is also constructing a chancery in the district where many expats have taken residence.

Of the 17 completed in 2007, six were residential buildings that will be home to new residents and families in the next few years. The needs of the fresh wave of Bonifacio Global City offices locators, residents, and visitors will be met by retailers, service providers and other merchants in the close to 10 new commercial buildings completed during the year, including one that is dedicated to institutional uses. In 2008, the construction of two landmark projects is expected to begin. These are the new offices of the Philippine Stock Exchange as well as the world renowned luxury hotel ShagriLa.

During peak hours, starting from 6:30 till 9:30 am and from 5 to 8 pm, around 5,000 to 7,000 vehicles go through the four main entrances of BGC attesting to its many attractions and central location. A series of strategic access points in the east, west, north and south that allow for smooth-flowing traffic explains the fast take-up rates across all segments (office, residential and commercial) in the area and the good business enjoyed by most commercial tenants.

The newly opened Bonifacio High Street continues to attract residents, tourists and expatriates because of its blend of unique and popular retail, dining and leisure activities. When Bonifacio High Street opened in March 2007, its weekday crowd was estimated at 6,000 to 7,000 shoppers and promenaders, which rises to 16,000 people on weekends.

As even more residents and office locators flock to the business district in the coming months, the development momentum of the area is bound to speed up even more and give credence to its assertion of being a premier business district of Metro Manila.

Source: Ayala Land Inc. Article Listing

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