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Old June 3rd, 2007, 05:59 PM   #1
portludlow
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TAGUIG | Grand Hyatt / Metrobank Center [66F|282m|mix|u/c]

Metrobank to build RP’s tallest hotel

http://business.inquirer.net/money/b...ticle_id=69300
By Daxim Lucas
Inquirer
Last updated 10:44pm (Mla time) 06/03/2007


THE PROPERTY UNIT OF THE METROBANK GROUP plans to build the country’s tallest building which will also house a five-star hotel as part of its move to capitalize on the booming tourism business.

Sources familiar with the project revealed that Federal Land Inc. would build a 66-storey structure whose upper 20 floors would be occupied by a 350-room hotel.

The mixed-use complex would be built on the 27-hectare North Bonifacio district inside Fort Bonifacio Global City in Taguig.

Metropolitan Bank and Trust Co. owns 10.4 hectares of this property, while the remaining 16 odd hectares belong to the state-owned Bases Conversion and Development Authority (BCDA).

The building’s lower floors would also house high-grade office space, while a pair of 40-storey residential towers would also be built beside it.

Federal Land chair Alfred Ty said the entire complex would cost approximately P20 billion.

In an interview, Tourism Sec. Ace Durano lauded the initiative, saying it would further boost the tourism industry.

“The taipans are all investing in tourism now,” he said, referring to the country’s richest Chinese-Filipino businessmen. “The fact that they’re investing in the hospitality business is a big vote of confidence.”

The Metrobank Group already has a small footprint in the tourism business through its hotel in Cebu City managed by the Marco Polo chain.

Its most recent foray into the booming sector, however, follows the move of other conglomerates, like SM Investment Corp.’s launch of its P5-billion Hamilo Coast tourism project and Ayala Land Inc.’s P7.4-billion deal with Saudi-owned Kingdom Hotel Investments for a three-hotel complex in Makati City.

“I have always said that if we couldn’t convince our own taipans to invest in tourism, then we wouldn’t be able to convince other investors to come in,” Durano said.

Once completed, the entire complex would have a total floor area of 140,000 square meters. The hotel venture is part of a master plan being developed by Hellmuth, Obata & Kassabaum Inc. International Ltd.

The tourism chief said that the Metrobank Group’s project would ease the problem of lack of hotel rooms, which is one of the two main bottlenecks in the industry, the other being the lack of airline seats into and out of the country.

“If we address these bottlenecks, we could easily achieve 10 to 15 million arrivals each year,” he said.

Durano pointed out that the rising number of tourist arrivals have already resulted in the smoothening out of occupancy rates in Metro Manila, virtually eliminating peaks and troughs experienced in the past.

He added that this has also resulted in the “over-utilization” of the Ninoy Aquino International Airport’s Terminal 1 by as much as 167 percent, making the opening of the mothballed Terminal 3 even more urgent.
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Old June 3rd, 2007, 06:10 PM   #2
portludlow
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there is no stopping FBGC and the Philippines sa development. Sino kaya ang hotel partner nila? How tall will the structure be?
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Old June 3rd, 2007, 06:13 PM   #3
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wow!!!!!!!!!!!!! sure na sure na! sa bgc na ang next tallest natin!!

mukhang mauuna pa to sa lopez., OMG! so excited., sana maganda design!! (sana hindi tayo biguin sa design., mageexpect ako ng magandang design., since metrobank owns one of the most beatiful landmarks in makati, GT)

its now a race for the sky!!
-lopez center
-metrobank hotel(federal land)
-gramercy residences
-GA skysuites

---------------------------
nilabas na ba design ng HOK para sa north boni?
---------------
kamusta na kaya bidding ng shimao? june na ah.,
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Old June 3rd, 2007, 06:14 PM   #4
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Stunning news!

Manila is reaching for the skies - literally and in the tourism business! Beautiful news! I'm so excited to see the design!
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Old June 3rd, 2007, 06:18 PM   #5
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Likewise, what a wonderful project! Hooray for the Philippines! Hooray for FBGC!
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Old June 3rd, 2007, 06:27 PM   #6
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WOW!! Great news
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Old June 3rd, 2007, 08:36 PM   #7
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Sweet! Finally a office-hotel mix-use tower in BGC! And finally a tall proposal in BGC! Its a very exciting proposal especially since it is going to be designed by HOK (among my favorite architectural firm)!
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Old June 3rd, 2007, 10:28 PM   #8
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Wow, Metrobank's tower vying to be the tallest in the country? Remember that Century said it will try to raise the height of Gramercy if anyone comes to challenge their plan for the title of Philippine's tallest building. However, I want BGC to hold that title(also I'd rather have a hotel/mixed-use complex hold the title than a residential).

But what's interesting is that this will rise in Metrobank's lot in North Bonifacio. This will raise the prestige and value of North Bonifacio, perhaps even overtaking Fort Bonifacio proper after HOK's masterplan and infrastructure is laid out.

Also I hope this will have an observatory deck!
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Old June 4th, 2007, 05:09 AM   #9
queetz@home
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Plus we don't know if this is the tallest since its gonna be part hotel, hence lower floor heights in some parts of it. If Lopez Tower is all office at 60 floors, it will still be taller. Its still too early to tell at this point...
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P9.8-B LRT project suspended
Wednesday, 20 June 2012 21:56 Lenie Lectura / Reporter

http://businessmirror.com.ph/home/to...ject-suspended

President Aquino “wanted to make sure that there will be sufficient or enough market to serve the extended railway project,”...
The link below says it all....

http://www.youtube.com/watch?v=wxlhyX-4qKI

Last edited by queetz@home; June 4th, 2007 at 06:00 AM. Reason: Updating to smoothen flow for the new merged thread
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Old June 4th, 2007, 05:15 AM   #10
Sinjin P.
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We'll just rename the thread if the project gets named.

But for now,
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Old June 4th, 2007, 05:39 AM   #11
bastizurc
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i saw this in today's issue of the Philippine Daily Inquirer. There is already a concept art for it and I tell you it's not that impressive. Perhaps they preferred to keep it simple and "box-y" to maximize the space. I hope someone can scan the paper so people here in SSC can see the building's design!
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Old June 4th, 2007, 05:56 AM   #12
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This is SO WEIRD!!! How did seven posts manage to sneak in before mine???? I was the second poster after Sinjin's initial post!! SSC has been so buggy lately!

EDIT: Nevermind, I guess Sinjin must have realized that Portudlow must have made a thread first and just merged them...

Anyways, here are more technical summary on the project with details that the main article may have missed. Thanks to Mark T Market of the Finance Manila site for the info...

http://www.financemanila.net/forum/v...=430&start=180

From Deutche research:

Metrobank group to build tallest building
* 66-storey tower with 20floors for a 350-room hotel, the balance for premium grade office
* aims to be the tallest building in the country.
* adjacent to two 40-storey residential towers
* to be built on Metrobank's 10.4-ha foreclosed property in Fort Bonifacio
* site is adjacent to a 16++ha plot owned by the Bases Conversion Dev't Authority
* total 27-has being master-planned and developed by Federaland, which is 100%-owned directly by Ty family
* profit potential to MBT will not be seen till at least 2yrs from now
* but highlights 1) potential upside to ROPOA values and 2) moral hazard of property bull market as banks hold on to land instead of selling outright
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Quote:
P9.8-B LRT project suspended
Wednesday, 20 June 2012 21:56 Lenie Lectura / Reporter

http://businessmirror.com.ph/home/to...ject-suspended

President Aquino “wanted to make sure that there will be sufficient or enough market to serve the extended railway project,”...
The link below says it all....

http://www.youtube.com/watch?v=wxlhyX-4qKI
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Old June 4th, 2007, 06:04 AM   #13
queetz@home
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Quote:
Originally Posted by bastizurc View Post
i saw this in today's issue of the Philippine Daily Inquirer. There is already a concept art for it and I tell you it's not that impressive. Perhaps they preferred to keep it simple and "box-y" to maximize the space. I hope someone can scan the paper so people here in SSC can see the building's design!
Is HOK the designer though? Maybe its not the finalized version yet. As I said, everything is too early to tell but based on the report from Deutsche which I posted above, it seems that George Ty is determined to make this the tallest somehow so it looks like he is giving the Lopez family a run for their money. It would be nice if George would employ KPF as the architect instead so perhaps they can mimic the architectural success of their HQ in Ayala Ave...
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Quote:
P9.8-B LRT project suspended
Wednesday, 20 June 2012 21:56 Lenie Lectura / Reporter

http://businessmirror.com.ph/home/to...ject-suspended

President Aquino “wanted to make sure that there will be sufficient or enough market to serve the extended railway project,”...
The link below says it all....

http://www.youtube.com/watch?v=wxlhyX-4qKI
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Old June 4th, 2007, 06:09 AM   #14
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This is sooooo cool!
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Old June 4th, 2007, 06:16 AM   #15
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galing
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Old June 4th, 2007, 06:22 AM   #16
bastizurc
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i took this using my webcam kaya medyo blurry siya. hindi masyadong exciting yung design niya. maganda sana kung isang twisting tower ang tallest sa metro :P
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Old June 4th, 2007, 06:26 AM   #17
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Bakit ang boxy?! Kamukha niya ng konti yung Aon Center sa Chicago...
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Old June 4th, 2007, 06:28 AM   #18
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I also saw the rendering in PDI but I would have wanted if someone can give us a clearer rendering together with the twin 40 story buildings adjacent to it. The design is very NY 70's style building but I would give them the benefit of the doubt until we see a clearer rendering.

As for whether it's the tallest building, that remains to be confirmed considering the other developments in the pipeline. At the end of the day, it's cheers for the Philippines!! .
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Old June 4th, 2007, 06:30 AM   #19
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Where is Metro Bank's lot in BGC? This is a huge project (three towers in all) the must have quite a large lot (or of course, a combination of several lots).

Based on that rendering it looks a lot like International Commerce Centre @ Union Square, Hong Kong. Which btw, has an amazing design:
http://www.emporis.com/en/wm/bu/?id=...hongkong-china

They are both quite boxy, but they are beautiful boxy designs. At least that's what I gather from this rendering. I'll leave my final judgment for the official render.

Tallest or not, this is very exciting! And HOK is no joke, they can produce excellent designs.
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Old June 4th, 2007, 06:38 AM   #20
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ryanr: This will be in Metrobank's 10 hectare lot in North Bonifacio, so they've got some space for this project.

I don't mind the boxy design, and I do agree that it's very 70's NYC-like, although as far as I'm concerned they should stray away from being too WTC-like out of respect. I was expecting a design that was more modern and groundbreaking, though. Something that will be a landmark design. Let's hope this design is just one of many proposed designs.

Oh and suggestion for thread title: maybe put in Metrobank in there somewhere because it's quite vague as there are other projects going for the Tallest Building title.
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