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Bonifacio Global City developer hopes to draw shopping crowd!
The developer of the Bonifacio Global City is hoping to draw the shopping crowd as it readies retail shops set to open soon at the former military base.
This week, the Fort Bonifacio Development Corp., a joint venture between Ayala Land, Inc. and Campos-led Evergreen Holdings, Inc., will soft launch retail shops at its Serendra residential project at the Global City.
In November, it will open the Promenade, a "pedestrian highway" development that will offer both retail and commercial space.
 Ayala Land said the soft opening of the retail portion at Serendra will offer a one-of-a-kind format which the property firm boasts as being reminiscent of the shopping experience at the Soho-Greenwich area in New York.
Head for commercial operations Aniceto V. Bisnar, Jr. said "the retail component in Serendra is [offering] new names, unique names, international concept of retail and restaurants."
On the other, he said, the Promenade, "will [offer] tested [retail] names that we have in the Ayala Malls."
Both projects will bring in more than 160 retail establishments.
"Those two projects are all high-end. There will be a big number of shops and restaurants that will come in and will be operational by end of the year," he added.
Aiming to add 400,000 square meters in gross leasable retail area to its portfolio in the next five years, Ayala Land will expand existing malls as it opens new centers in new locations.
The retail portion at Serendra consists of 6,400 square meters among others.
The Promenade is being constructed at the middle of the City Center. It will be 40 meters wide with a length of about 500 meters cutting across the City Center.
Mr. Bisnar said the Promenade will not only have shops and restaurants, but also stand-alone retail locators such as Adidas, Nike and Fully Booked.
"It will be the first of its kind in the country complemented by the best retail and food concepts. Every area here is designed to enhance the quality of life as it promotes a healthy work-life balance," he said during the launch of Chateau de Noble, a residential project to be developed by another company.
The Fort Bonifacio Development Corp. is owned by Bonifacio Land Corp. and the Bases Conversion Development Authority. Ayala Land and Evergreen Holdings bought the controlling stake in Fort Bonifacio Development in 2003.
Bonifacio Global City is strategically located close to the Makati business district, the Ortigas center and the new airport terminal.
Mr. Bisnar said Fort Bonifacio Development, which owns 137 hectares of Bonifacio Global City, would continuously improve on the infrastructure and landscape.
"After we have completed the master plan, we have ongoing studies on how to improve our access roads, the entrances in terms of aesthetics, landscaping, signage, environmental graphics. Those are being studied right now by [ Ayala Land ], its planners and consultants. Of course, we will continue with the ongoing development of our city center which is our priority for the year," he added.
In its annual report, Ayala Land said the City enter's master plan was redesigned to "achieve the right balance between development density, landmark projects, open space, and amenities."
"The new plan will improve both vehicular and pedestrian circulation and allow a better balance of value among the available lots. The master plan's signature feature is a landscaped retail and office promenade area which will be launched by the end of 2006," it added.
The new master plan was unveiled in May. It aims to transform the emerging business district into a city "that truly works." Its board approved the revised master plan in July 2005.
"The new master plan involves a major redesign of the amenities and facilities to make the entire area more efficient and attuned to the new standard of urban living. The master plan considers the efficient traffic and circulation with pedestrian-friendly design of roadways and walkways," Mr. Bisnar said.
This article was written by
Ruby Anne M. Rubio
Reporter
BusinessWorld
Date of publication: 7/27/2006
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