By Krista A. M. Montealegre,
A NEW PROPERTY company hopes to ride the wave of growth in the Bay Area, with the development of the first office-for-sale project in the booming central business district.
Golden Bay Properties, Inc. is set to invest P1.3 billion to develop Aspire Corporate Plaza, a 10-storey office building along Macapagal Avenue in Pasay City, Jardin Brian B. Wong, the company’s chief operating officer, said in a briefing in Pasay City on Wednesday.
The investment will rise by another P1 billion if the value of the 3,500 square meter property will be considered, Mr. Wong said, but declined to provide the actual cost of the land when purchased last year from a private individual.
Aspire Corporate Plaza will rise behind the Golden Bay Fresh Seafood Restaurant, which is being run by the same group behind Golden Bay Properties. The project will be completed in two years.
“The Bay Area is now the new central business district as office spaces are fast running out in the Makati, Ortigas and Bonifacio Global City areas. The location is modern and teeming with energy. It is perfect especially for businesses in the Binondo area that are looking into moving to a prime location,” Mr. Wong said.
Golden Bay Properties’ foray into the real estate sector comes at a time when a record amount of supply is flooding the office market that may push vacancy rates to double-digit levels for the first time since 2010.
To set itself apart, Mr. Wong said Aspire Corporate Plaza will be the first office-for-sale project in the Bay Area. Golden Bay Properties pegged the price of the office units at an average of about P230,000 to P240,000 per square meter.
The company has sold about 40% of the 73 available office units since pre-selling started two to three months ago to companies engaged in shipping, logistics, tourism and steel manufacturing, Mr. Wong said. The company hopes to sell out the remaining inventory within the year.
Aspire Corporate Plaza is offering entrepreneurs and businesses based in Manila the opportunity to upgrade and have their own space. Half of the eight locators that have bought units in Aspire are located in Binondo and Malate.
Golden Bay Properties has assembled an architectural, engineering and construction team that includes Asya Design Partner, Sta. Elena Construction and Development Corp., D.A. Abcede & Associates, Meinhardt Philippines, Inc. and Megawide Construction Corp.
“We’re offering premium products. We understand we are new that’s why we didn’t take a beat in bringing in the leading names in the construction industry. It’s a matter of differentiating ourselves,” Mr. Wong said.