Day 115/365: The Bonifacio Global City & Ortigas Center as of 2011

Day 115/365: The Bonifacio Global City & Ortigas Center as of 2011

April 25, 2011

Let us make history by taking photos of the current buildings and huge lands that soon to be a a concrete jungle in the Philippines. Today, I am sharing the Bonifacio Global City view from the Pioneer St, Mandaluyong area with Pasig River and Makati University. Also, I am adding the Ortigas Business Center view without the Greenfield City yet.

About Ortigas Center:

The second largest commercial business district in Metro Manila, Philippines. The Ortigas Center is sitting in 3 major cities – Quezon City, Mandaluyong, and Pasig City. The stretch of Julia Vargas St divides the Center into two cities – Pasig and Mandaluyong, while the Meralco Ave and San Miguel Ave divides the city from Pasig, Mandaluyong and Quezon City.

Day 115/365: Manila: The Next Asia's Concrete Jungle

The Beginning

The Hacienda de Mandaloyon originally formed part of the estate holdings of the Augustinian Order. The property covered an area of 4,033 hectares.

On January 20, 1920, the Augustinian Fathers sold this property to Dr. Frank W. Dudley and Don Francisco Ortigas. Dr. Dudley later surrendered his interest to Phil C. Whitaker, and the company became known as Whitaker and Ortigas.

In the following years, there were several changes of partners. Then, on July 10, 1931, the company was incorporated “Ortigas, Madrigal y cia., S. en C.” as a limited partnership by shares (sociedad comanditaria por acciones). The parties to the partnership were Francisco Ortigas (Don Paco), Vicente Madrigal, B.C.M. Johnston, Fulgencio Borromeo, Clyde A. Dewitt and Manuel L. Quezon. All the incorporators, except Quezon, who was President of the Philippine Senate at that time, were constituted as managing and general partners (socios gerentes colectivos) while the other shareholders were designated limited partners (socios comanditarios).

The objective of the partnership was to acquire the Hacienda de Mandaloyon, which spanned the municipalities that are now known as Mandaluyong, San Juan, Pasig & Quezon City. The Estate was to be disposed of either in large tracts or developed subdivided lots.

In 1956, Vicente Madrigal withdrew from the partnership and the partnership’s name was correspondingly amended to “Ortigas & Company, Limited Partnership.”

In 1985, the Ramirez and Lanuza groups of general and limited partners who held 42% of the entire partnership’s equity also withdrew from the partnership.

The Mandaluyon Estate

When Ortigas & Company took over management of the estate, it was a virtual wasteland. It was the vision of the management team, headed by Atty. Francisco Ortigas, Jr., who was President and Chairman at that time that transformed this wasteland into a progressive industrial, commercial, and residential urban complex.

Where wild grass used to grow now stands the following:

… residential subdivisions (Barranca, Capitol, Wack-Wack, Greenhills, Valle Verde, Greenmeadows)
… shopping complexes (Greenhills Shopping Center, Tiendesitas at Frontera Verde, SM Megamall, Robinson’s Galleria, EDSA Shangri-La Plaza)
… hospitals (The New Medical City, Rizal Provincial Hospital, Cardinal Santos Medical Center)
… schools (De La Salle – Greenhills, Xavier School, Immaculate Conception Academy, Lourdes School, St. Pedro Poveda College, St. Paul College)
… churches (Santuario de San Jose, Mary The Queen, St. Francis, Our Lady of Peace Parish / EDSA Shrine)
… army camps (Camp Crame, Camp Aguinaldo, Rizal PC Headquarters)
… exclusive golf and country clubs (Valle Verde Country Club, Green Valley Country Club, Wack-Wack Golf and Country Club)

Rising against its skyline are some of the country’s tallest buildings housing some of the country’s biggest industrial and commercial firms.

The initial development strategy was two pronged : (1) develop industrial properties and allow subdivisions and community facilities to emerge around it; and (2) focus on “elite” motivation: first class homes made attractive by a modern and accessible amenities like private schools, hospitals, churches, post offices, police stations, ample water supply, plus private sports and social clubs.

http://www.ortigas.com.ph

About Bonifacio Global City

Bonifacio Global City was once part of the 2,578-hectare property of Taguig that the United States Government acquired in 1902 when the Philippines was under the American Colonial Rule. The United States acquisition was turned into a military base and was named Fort McKinley after the 25th US President, William McKinley, who was responsible for the colonization of the Philippines. Fort McKinley became the headquarters of the 10,000 strong Philippine Scouts, which was the Philippine Division of the United States Army.

In 1949, three years after the Philippines gained its political independence from the United States, Fort McKinley was turned over to the Philippine Government by virtue of the United States Embassy Note No. 0570.

In 1957, Fort McKinley was made the permanent headquarters of the Philippine Army and was renamed Fort Bonifacio after the Father of the Philippine Revolution against Spain, Andres Bonifacio, who organized what is effectively the first Philippine Armed Forces and whose father, Santiago Bonifacio, was a native of Tipas, Taguig.

In 1992, an approximately 240-hectare portion of Fort Bonifacio was turned over to the Bases Conversion Development Authority (BCDA). BCDA was created by virtue of Republic Act 7227, otherwise known as the Bases Conversion and Development Act of 1992, and signed into law by then President Corazon C. Aquino to facilitate the conversion of former US military bases and Metro Manila camps into productive civilian use. Three years later, Bonifacio Land Corporation, a consortium led by Metro Pacific, made a successful bid to become BCDA’s partner in the development of the 240-hectare property, which was named Bonifacio Global City.

The partnership was dubbed the “Deal of the Century” because Bonifacio Global City was sold at a staggering price of Php 333,283.88 per square meter, with proceeds amounting to Php 30.4 billion.

BCDA and the Metro Pacific-led consortium subsequently created the Fort Bonifacio Development Corporation (FBDC) to oversee the master planning of Bonifacio Global City. FBDC was the largest corporation registered with the Securities and Exchange Commission in 1992, with a paid-up capital of Php 71.227 billion. The sale channeled Php 25.8 billion cash to government coffers and ballooned property values in the vicinity overnight.

In 2003, Ayala Land, Inc. and Evergreen Holdings, Inc. of the Campos Group purchased a controlling stake in Bonifacio Land Corporation from Metro Pacific. As major partners in FBDC, the two companies, along with BCDA, now shape the vision of this premier business district into the home of passionate minds, where technology meets aesthetics.

http://www.fbdcorp.com/