BOUTIQUE office developer The Net Group Corporation is looking to expand its portfolio to emerging business districts outside Bonifacio Global City amid rising land prices in BGC, a company official said.
The Net Group executive vice president Ramon Rufino told the Manila Times in a recent interview that they are currently exploring opportunities outside of BGC “because Bonifacio is kind of difficult for us” now with the price of land becoming too expensive.
According to data from Colliers International, land values in Fort Bonifacio increased by 3.6 percent in the second half of the year to P460,865 per square meter.
“The price of land is very expensive already, so we’re trying to explore either joint ventures or maybe in working in other areas and other districts. So we’re looking at some of the other emerging business districts that we can develop,” Rufino said.
Rufino did not give specific locations of prospective areas but said they would still be in Metro Manila.
“We’re keeping an open mind. We’re looking at everything. So basically, from Bonifacio going south and also going north but still Metro Manila,” he said.
“While we would like to support the administration’s drive in going to the provinces, the challenge for us is we’re not a big organization, so when we do a project, we tend to do one or two at a time so our preference is in Metro Manila, ‘cause we’re already based here,” he said.
Rufino said they have not launched any new project in the first half of the year but they are in the process of completing their Net Park office building in BGC.
“It’s almost done, it’s been operating partially. It will be fully complete with all of the final touches by the end of the year,” he said.
The Net Group is a property developer that caters to the office market. Its previous projects include Net Lima, Net Plaza, Net Quad, Net Cube, Net Square and Net One Center which are located in Bonifacio Global City.