Robinsons Land Corp., the property arm of the Gokongwei’s JG Summit Holdings, informed the Philippine Stock Exchange that it has signed a memorandum of understanding with FBDC for the potential development of a mixed-use retail, residential and hotel complex in the former military base.
"Current discussions, while at a preliminary stage, are focused on the development of a six-hectare site in the northeast sector of the Bonifacio Global City, an area earmarked for large retail and mixed-use projects," RLC said.
The initial talks on the project presently revolve around the development of a mixed-used complex of approximately 500,000 square-meter space, it added.
"The Bonifacio Global City is emerging as a key business, retail and entertainment district for the entire Metro Manila region and our discussions with the company are solid evidence of the belief developers have in the Bonifacio Global City," FBDC senior vice president for commercial operations Vicente Tinsay II said.
Aside from RLC, several other consortia of developers have taken interest in establishing presence at the 150-hectare property bordering Makati City and Taguig, touted as the country’s leading urban redevelopment project.
Ayala Land, the property unit of the Ayala group, has been negotiating since last year the purchase of the development rights for around 19 has. of land in the northern portion of Bonifacio Global City but has not been able to come up even with an MOU with FBDC.
The SM group of retail taipan Henry Sy also expressed interest in the site, along with other property developers, both local and foreign.
Early this year, FBDC sold a five-ha property in a cash-and-kind transaction for P2.5 billion to a consortium of developers known as Bonifacio West Development Corp. led by its president and former FBDC executive Carlos Rufino.
The site occupies a prime location along the fairways of the prestigious Manila Golf and Country Club, at the southwest portion of the Bonifacio Global City. Based on its plans, BWDC plans to put up a residential/commercial community, including a series of multi-story residential buildings.
FBDC is majority controlled by Bonifacio Land Corp., the private consortium led by the local unit of the First Pacific conglomerate – property developer Metro Pacific Corp. – in a joint venture with the government’s Bases Conversion Development Authority.