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New Philippine Stock Exchange building to start rising in Fort Bonifacio in 2008!
The gleaming new headquarters of the Philippine Stock Exchange (PSE) will rise in Manila's swanky new financial district of Fort Bonifacio Global City in the city of Taguig.
The new building will host the two separate trading floors of the PSE, now currently located at the Tektite Towers in Pasig City and the Philippine Stock Exchange Plaza in Makati City.
The new PSE Building will have 40,000-60,000 square meters in gross floor area, with more than 30 floors, similar to the size of the current home of the Makati trading floor.
Philippine property giant Ayala Land, Inc. will start construction of the new PSE headquarters in 2008 and the expected completion of the building is targeted for 2010.
Ayala Land chief finance officer Jaime Ysmael said the new office building would be located in the West Superblock of Fort Bonifacio Global City. A posh Shangri-la hotel will be located adjacent to the new stock exchange headquarters, further enhancing property values in the area.
The lot size of the building where the merged trading floor would be housed was around 4,000 square meters -- nearly twice the 2,182 square meters Metro Pacific Corp. had donated to the PSE in Fort Bonifacio Global City.
The PSE will swap the land donated by Metro Pacific for units in the office building that Ayala Land will build, the sources said.
The PSE will also need some P300 million in capital to acquire certain floors for its offices in the new building, they added.
Aside from the PSE trading floor, the new office building could house traditional offices and business process outsourcing offices.
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