Golden Bay’s Wong bullish on PH real estate market
Golden Bay Properties is planning to penetrate the residential and hotel segments after establishing a foothold in the office property market,
Golden Bay Properties Chief Operating Officer, Jardin Brian Wong, told reporters that the company would pump in P3 billion to redevelop its Golden Bay Seafood Restaurant into a hotel and residential or office project “in the next two to three years.
Wong said the restaurant would be built inside the two-tower development project on a 5,500-square-meter property along Macapagal Avenue in Pasay City.
Apart from the project, the new property company is looking to acquire a 3.3-hectare property also in the Bay Area for a seven-tower residential project.
“We are now under due diligence for the property. More or less, we will acquire that maybe in the next two months,” said Wong.
“There is a lot of demand. I think as our economy continues to grow, millennials are coming up that they want to aspire (house ownership). We expect for the next five years for the Philippines to fully grow. It’s also our part (to) nation building, (our) support also (to) the millennials,” he noted.
Golden Bay Properties recently signed up a architectural, engineering and construction team last week to build a 10-storey office building, the Aspire Corporate Plaza, in the next two years.
Wong said the company has prepared a 10-year plan to develop the three projects in the Bay Area.
“This (Bay Area) is where growth is, so this is where we are concentrating. We want to be able to sustain the momentum because the market has accepted us quite fairly. We are confident,” he added.
The company is also engaged in agriculture activities, and provides construction and shipping services. (PNA)