MANILA – Golden Bay Properties expects to generate P3 billion in sales after the launch of a new office project in the Bay Area in Pasay City, its foray into real estate.
The company on Wednesday partnered with a topnotch architectural, engineering and construction team to start construction of the Aspire Corporate Plaza, a 10-story office space building development that would sit on a 3,500-sq.-meter lot behind its Golden Bay Seafood Restaurant.
“It (property) is a booming market. It is a booming industry right now. We have a lot of middle-income businesses that want to purchase their own offices. We have the Chinese market,” Golden Bay Properties Chief Operating Officer Jardin Wong told reporters.
Wong said the firm targets to spend about PHP2.3 billion on the office project, a first for sale in the Bay Area.
“After our recent groundbreaking rites, we realized that there are many other entrepreneurs, not just Filipino-Chinese, who are also looking for office spaces that they can call their own,” he said, adding that office space ownership is a wiser move.
Wong said its partner, Megawide Construction Corp., was ready to start the project construction next week. Construction is expected to take one year and eight months.
He said about eight companies had already purchased all units in three floors, comprising 40 percent of the office space building development.
These include Southeast Asian companies engaged in business process outsourcing and construction, he added.
Wong targets to sell the office units within the year, noting that the company will keep premium units for its own use.
The project comprises 73 office units and three retail units. A 184-sq.-meter office unit sells for P42 million.
Meanwhile, Golden Bay Properties partnered with Asya Design Partner, Sta. Elena Construction and Development Corp., D.A. ABCEDE & Associates, Meinhardt Philippines, Inc., and Megawide for the development of the office project.
Golden Bay Properties is also engaged in providing construction and shipping services, and agriculture activities.