Philrealty, Greenhills Properties in deal to build Global City tower complexBy Doris C. Dumlao |Philippine Daily Inquirer
MANILA, Philippines—Philippine Realty and Holdings Corp. inked on Wednesday a deal with principal shareholder Greenhills Properties Inc. (GPI) on a P5-billion three-tower mixed-use development in Bonifacio Global City.
Under a memorandum of agreement, Philrealty will develop the masterplan of GPI’s prime 6,400-square-meter property located near the future site of the Philippine Stock Exchange in BGC. The new project will include a retail, residential, office, serviced apartments and a hotel.
As Philrealty was one of the original members of the consortium that took over the privatized Fort Bonifacio, the company seeks to raise its stake in BGC, Philrealty president Amador Bacani said during the signing ceremony.
“This project will really show Philrealty’s renewed capability as a property developer known for building landmarks. The location is strategic and the timing is perfect for Philrealty to put its mark on BGC,” Bacani said.
“We look forward to this value-enhancing project and share in Philrealty’s vision of building a new landmark in BGC,” GPI chair Gerardo Lanuza Jr. said.
The project will rise on an entire block connecting 5th and 6th Avenues as well as 25th and 24th Streets. The P5-billion estimated project cost for this mixed-use includes the cost of land, Bacani said.
In an interview, Gerardo Domenico Antonio Lanuza III, Philrealty director and vice president for special projects, explained that the project would comprise three towers connected by a podium structure which would house the retail shops. He said the shops would cater to the community in the mixed-use development.
The retail development will be followed by either an office or residential tower, Lanuza said. He added that the upscale residential tower was envisioned to be a very exclusive, low-density development similar to the high-end La Isla project in Ortigas.
“There will only be a maximum of four units per floor,” Lanuza III said, estimating a cut of at least 250 square meters per unit.
La Isla, likewise a collaboration between Philrealty and GPI, was built at around the same time that the property developer put up the Alexandra residential clusters and the PSE Tektite Center in the area.
Lanuza estimated that this project would be developed in the next five to six years.
The group will appoint a master planner in the next three to six months, after a definitive joint venture shall have been signed, Bacani said.
As to the funding of this project, Bacani said Philrealty would see free cash from the sale of residential units in the 31-storey Skybreeze. At the same time, he said the group had provincial properties which it hoped to liquefy soon.
Philrealty expects sales of nearly P3 billion from the Skybreeze tower which will offer 280 units. This is the second of the five planned towers in the Andrea North condominium complex in New Manila, Quezon City.