Fort Bonifacio growth prospects brighten with Shimao Group's $2 billion investment!
03/25/2007
The Government has announced its plans to partner with the Shimao Group, the biggest land development conglomerate in China, for the joint development of a sizeable portion of land in Fort Bonifacio Global City.
"This is one of the biggest partnerships of government for property development in 2007, the head of the government's Bases Conversion and Development Authority (BCDA) said after the signing of the Memorandum of Understanding.
The partnership with the Shimao Group is expected to further boost the asset disposition program of the BCDA and enhance its revenue generating capability translating to more funds for AFP modernization and other beneficiaries.
BCDA Chairman Aloysius Santos attributed the investment decision of the Shimao Group to the favorable investment climate provided by the government of Philippine President Gloria Macapagal-Arroyo.
Shimao Group Chairman Hui, named by Forbes Magazine as the 2nd richest person in China in 2002, has expressed his interest to invest between US$ 2 to US$ 4 billion in high-end hotel and mixed-use buildings in the Fort Bonifacio Global City, one of the biggest property development areas in Metro Manila.
Chairman Santos said the MoU will enable Shimao Group to gain a major foothold in Fort Bonifacio Global City - and the entire Philippines.
The MoU provides for the conduct of detailed studies on future joint development projects with BCDA in the Global City. "The Shimao Group needs to get all the data and information on investing in the Philippines, specifically on the requirements for massive development in BGC, since this is their first venture here," Santos added.
The Shimao Group is the owner of the Le Meridian Hotel, the Royal Meridien Hotel - the tallest structure in Shanghai, China, and the Grand Hyatt Hotel also in Shanghai. Altogether, they have more than 10 luxury hotels in China.
The Royal Meridien Hotel is a 66-storey, five-star hotel that houses 761 luxurious guest rooms and suites and offers a breathtaking view of the Bund and the Huang Pu River, People's Square Park, and Shanghai's skyline.
The Shimao Group always maintains an inventory of more than 20 million square meters of luxury offices and residential condominiums and continues to build an average of four million square meters annually.
The principal businesses of the Shimao Group are property development, property investment and hotel operations. It is a listed company in the Hong Kong stock exchange.
Fort Bonifacio Global City boasts of world-class infrastructure that includes underground water supply and distribution, drainages and power utilities. It also has a fiber optic cabling network to support a wide range of telephone, video and data applications. |
