ALI launches P30-B One Bonifacio High St

MANILA, Philippines - Ayala Land Inc. (ALI) is aggressively building up its presence in Bonifacio Global City with the launch of a P30-billion premium mixed-use block called One Bonifacio High Street – its biggest investment in one single area to date.

In a briefing yesterday, ALI president Antonino Aquino said they are rigorously expanding in Bonifacio Global City to further strengthen the company’s leadership in developing large-scale, mixed-use urban hubs in the country.

“The aggressiveness is a result of the economy. We have never seen the economy to look this bullish and we want to be in step,” Aquino said.

He said One Bonifacio High Street will soon be home to the new headquarters of the Philippine Stock Exchange and will banner an all suite-residential tower, a high-end lifestyle center as well as a five-star Shangri-La Hotel.

Aquino said half of the estimated development cost for One Bonifacio High Street will be equally divided among ALI and its partners Evergreen Holdings of the Campos family and Fort Bonifacio Development Corp. The other half will be shouldered by the Shangri-La Group, which is building a 577-room Shangri-La Hotel as well as 97 serviced apartments and 99 luxurious residential condominium units.

The investment will be made over a four-year period, he said.

Around P3 billion to P5 billion has been earmarked for the development of the unified stock exchange which is targeted for completion by late 2016 to early 2017. Another P2 billion to P3 billion will be spent for the retail shops.

For the residential component, ALI, through subsidiary Ayala Land Premier, is pouring in P9.9 billion for the 63-story iconic tower, The Suites, which will be the first and only all-suite residential development in the block and is probably the group’s most expensive project in the area, selling at P180,000 per square meter.

Jose Juan Jugo, Group head for ALP, said sales of The Suites have been spectacular with only three units left within 96 hours or since it was launched last June 24. Turnover of the units is slated to begin in the fourth quarter of 2018.

The Suites will house 298 residential suites and limited edition sky villas with sizes ranging from 136 sqm to 430 sqm.