AFTER establishing its presence in the office property market, Golden Bay Properties is planning to foray into residential and hotel segments as it rides on robust economic growth.
Golden Bay Properties Chief Operating Officer, Jardin Brian Wong, told reporters that the company aims to invest PHP3 billion to redevelop its Golden Bay Seafood Restaurant into hotel and residential or office project “depending on the market sentiment” in the next two to three years.
Wong said the restaurant will be built inside the two-tower development that sits 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, which it will develop into 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.
Wong expressed optimism about the prospects of the country’s residential property market.
“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 has teamed up with a topnotch 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.