The Philippine Stock Exchange (PSE) said it is set to sell its two offices in Makati City and Ortigas Center in line with its planned move into a unified office in the rapidly growing central business district of Fort Bonifacio in southeastern Metro Manila.
The PSE earlier announced it bought condominium units at the Bonifacio Global City (BGC) in Taguig for more than P805.3 million from the Fort Bonifacio Development Corp.
The PSE expects to move into its “new home” in late 2016. The BGC property will serve as the bourse’s headquarters, which will house its unified trading platform and offices.
“We will be selling those offices,” PSE President Hans Sicat told reporters after the Financial Times-First Metro Investments Corp. Forum the other day, referring to the bourse’s Makati and Ortigas office buildings.
“We can rent [them out]also,” he added, expecting a high level of investor interest in the Makati Tower One building and the PSE Ortigas headquarters—formerly known as Tektite Towers—from nearby developers as “they like land banking in their own neighborhood.”
“We are pleased with the developments in this transaction with FBDC. The transfer to Fort Bonifacio will afford PSE operational efficiencies and support the growth of the company in the coming years. We look forward to calling the fast-growing BGC our home soon,” Sicat added.
Roel Refran, PSE chief operating officer, said four floors of the new tower have been built, out of about 27 floors planned for the structure, since FBDC broke ground in 2012.
The PSE headquarters is sandwiched between the Bonifacio High Street commercial retail strip and the One Bonifacio High Street mixed-use block, Refran said.
Sicat sees “over a hundred” brokers “will want to buy” offices in its new BGC headquarters.