Allied Bank to put up P1-B residential condo in Global City

Allied Banking Corp., a banking concern of tobacco and beer magnate Lucio Tan, is building a P1-billion high-end residential condominium building within Bonifacio Global City in Taguig in partnership with a local property development firm.

The project, majority owned by Winville Development Corp. of Chinese businessman Berkley So, is expected to start construction in 2007 and is slated for completion by 2010.

Dubbed as Chateau De Noble, the building will have 40 stories.

Allied Bank provided the land while Winville will serve as arranger of the development of Chateau De Noble.

As such, Winville will pool funds from prospective investors to fund the project.

Winville legal counsel Raymundo Quiroz said a portion of the property is now owned by the company after shelling out a significant amount.

Quiroz said the money to invested by Chateau de Noble’s investors will be placed under an escrow account with Allied Bank — Winville’s trustee.

He said Allied Bank has also agreed to provide financing arrangements at market interest rates and credit term of 12 to 15 years.

Designed and masterplanned by international architectural company CCO Design Ltd. of Hong Kong and world-renowned WSP Group Hong Kong Ltd., Chateau de Noble’s unit will come in one, two or three bedrooms with engineered laminated flooring, built-in closets; bathrooms with bathtubs; first-class modular kitchen, built-in cook top, cabinets, and exhaust system; water heaters and split-type airconditioners; audio entry phone; emergency trigger systems; and a utility area.

"We are committed to bring investors value for their money, as the investments required for our units are very competitive and in fact are even lower than the others of the same class within or outside of the Bonifacio Global City," Quiroz said.

Existing residential buildings at the Bonifacio Global City include Bonifacio Ridge, One McKinley Place, Regent Parkway, Penhurst Parkplace, Pacific Plaza, and Essensa.

Ongoing residential projects on the other hand, include Kensington Place, Fairways Tower, South of Market, Forbestown, Fifth Avenue Place, and Serendra.

The Bonifacio Global City is fast becoming the burgeoning battleground for top developers such as Ayala Land Inc., Megaworld Corp., Robinsons Land Corp. Century Properties, G&W, and Philtown Properties (a subsidiary of RFM Corp.)

ALI’s developments include Market! Market!, a 10-hectare retail complex; Serendra, the biggest residential complex at 12 hectares boasting of 50 percent open space; and ALI’s office building projects with For Bonifacio Development Corp. (FBDC).

Of the 240 hectares comprising Bonifacio Global City, 137 hectares are owned and developed by FBDC. FBDC is 55 percent controlled by Bonifacio Land Corp., which is majority owned by Ayala Land Inc. and Evergreen Holdings Inc.