P2-B office project woos Binondo-based businessmen
GOLDEN BAY Properties, Inc., a company whose owners started in seafood trade, will spend around P2 billion to develop a premium office building along Macapagal Boulevard in Pasay City.
Golden Bay is hoping to lure Filipino- Chinese businesses from Binondo to its new project, Aspire Corporate Plaza. “We want them to embrace change,” said Jardin Brian B. Wong, Golden Bay chief operating officer, in a media briefing on Wednesday.
The 10- storey Aspire Corporate Plaza will be built on a 3,500 square meter- lot behind the Golden Bay Fresh Seafood Restaurant. It is expected to be completed in early 2020.
Mr. Wong said the property firm is in the process of acquiring its name by simply renaming the existing Golden Bay restaurant, known for its freshly caught seafood.
For Aspire Corporate Plaza, Asya Design Partners has been tapped as the designer, Sta. Elena Construction as piling contractor, D.A. Abcede and Associates as construction managers, and Meinhardt Philippines as facade consultant.
Mr. Wong said Golden Bay has shortlisted three companies to construct the project, with the final decision to be announced before the end of the year.
He said the company aims to offer other Filipino- Chinese businessmen, especially those in the Binondo area, the chance to own their space rather than just leasing it.
“It’s a fact that Binondo now is far away from the center of growth. We want to offer them a chance. Our family from Binondo, we were among the first ones to take a risk,” Mr. Wong said.
Another advantage of Aspire Corporate Plaza is its location, with its proximity to Entertainment City and the SM Mall of Asia complex.
The project will be supported by a mix of internally generated funds from the sale of some floors during the first year of construction, and bank financing. The sale of the rest of the office spaces will come later into the construction as the company expects the price per square meter to continue to appreciate.
At the same time, Golden Bay Properties is planning to redevelop the restaurant area into a two-tower project — composed of a hotel and a residential condominium. The hotel, which will host the new restaurant, will be built first.
The company bought the property 10 years ago with the vision of developing the area for the Chinese business community looking for an authentic and fresh seafood lauriat venue. The Aspire property was acquired in December.
“We’re scouting for a partner hotel,” Mr. Wong said, adding that the Swiss Hotel brand is a candidate.
Mr. Wong estimated the cost of the second project at P2.5 billion, but this would depend on whether the company would take in a four- or five-star hotel operator.
Golden Bay Properties is also acquiring a third property for another project, bringing total landbank to 4.2 hectares, he said.
Aside from the restaurant and property businesses, the Wongs are also into small- scale construction, shipping, agricultural and ornamental products. Some family members are into politics in Catanduanes province.