News &Views at the Base - Philippines Bases Conversion and ...

In the NewsA big portion of McKinley Hill, which is developedby Megaworld, are offi ces, but it’s also a mixed-usedevelopment, shares Zosa. What makes it different fromBonifacio High Street is that it offers subdivision lots. Theyhave walk-ups, townhouses, and what we’re lookingforward to is the Venice-inspired canals at the VenetianMall. There will be gondolas there, too.BCDA is one of the few government agencies vestedwith corporate powers. One of our mandates is to raisefunds from the sale of disposition, shares Aileen R. Zosa,EVP. We enter into joint ventures but these are essentiallysales. We put in the land, and the developer contributes tothe horizontal and vertical development of the property.Right now, we get around an average of P1 billion a yearfrom FBDC (Fort Bonifacio Development Corportation)and we invest that, in turn, in the development ofour special economic zones in Clark and Subic.Creating Engines of GrowthThe new St. Luke’s Hospital at theBonifacio Global CityMore than just asset disposition, a large thrust of BCDAis converting the camps into thriving mixed communitiesthat attract investment opportunities, create jobs, andstimulate economic activity. Since the start of its assetdisposition program, the agency has generated a totalof P46.495 billion from the disposition of former MetroManila camps, the biggest of which are the former FortBonifacio Camp and Villamor Air Base.What is interesting about Fort Bonifacio Global City isthat it boasts of good urban planning. Bonifacio GlobalCity is a well-planned community, says Zosaof what used to be one of the more quietareas of the metro. It was deliberate that weput up the schools fi rst because they addedvalue to the land.The now bustling Newport City, developed byResorts World Corporation, serves a predominantlyentertainment purpose. Newport City also has offi cesand residential areas, but it will mostly target all kindsof tourists—from high-end travelers to backpackers—because it’s near the airport. The development there ismore airport- and tourism-related, Zosa shares.New developments abound in the Fort area aswell. With the middle part of Bonifacio Global Cityreaching fruition, BCDA deemed it the best time tostart expanding. According to Zosa, the Bonifacio ArtFoundation Project, composed of the FBDC, BCDA andother locators, will be putting up the Mind Museum, ahighly interactive science museum. In addition, a newShangri-La six-star hotel will start development in thearea next year, informs Zosa. We’ve already gotten theconstruction permit for both so development is fi nallystarting.With the Fort Bonifacio Camp and Villamor Airbasesuccessfully transformed into high economic centers,Zosa says the thrust of BCDA is to now use the proceedsto invest in Clark and Subic. We’ll invest in roads andin the equipment of the international airport. Recently,NAIA has been having problems with its navigationalequipment so now the government is looking atClark as the country’s next premierinternational gateway to thecontinuation on page 10That is how you build a city. When weadded the residential area—the fi rst ones werePacifi c Plaza and Essensa Towers—after that,sunod sunod na. While the ’97 Asian fi nancialcrisis slowed us a bit, the real estate boom of2005 enabled us to pick up where we left off.The result was Bonifacio High Street, amixed-use development that is now home tomajor offi ce Rlocators, an enhanced shoppingand dining experience, all presented in anaesthetically land- and green-scaped stretch.Space: Still A FrontierThe success of Bonifacio Global City as a mixedcommunity eventually attracted investments that pavedthe way toward McKinley Hill and Newport City.Shown (from Left) Bonifacio High Street at the BonifacioGlobal City; The Venice Mall at McKinley Hill; and, the Marriott& Maxims Hotel at the Newport City.5