MANILA, Philippines — Real estate firm PNB Holdings Corporation (PHC) is setting its sights on constructing the tallest skyscraper in the Philippines on a prime, long-dormant property in Makati City.
The proposed development targets an 8,000-square-meter lot along Buendia Avenue, which currently serves as an open parking lot.
“We have this Buendia property, 8,000 square meters (sqm). It has been there for eternity. It is the most expensive parking lot in the entire country,” PHC Chief Financial Officer Ponciano Carreon Jr. said in an interview on Thursday, September 24.
According to Carreon, the company will refile its regulatory applications after the area’s allowable floor area ratio (FAR) was raised from 16 to 34, effectively doubling the buildable floor area.
The project is envisioned as a mixed-use complex featuring Grade A offices, residential space, a hotel, and retail elements.
“We are aiming to become the tallest in the country. If you’re the tallest in Makati, you’re the tallest in the country, right? It will be very iconic given the height, unobstructed view. It will be the gateway to Makati from BGC,” Carreon said.
“So, the plans are there. It will be a massive one. So, if market conditions will permit, that is ideally the first project that we will launch,” he added, noting that construction will commence once market conditions improve.
“Prudence dictates that we cannot press that button at these conditions. But the plans have been there and we are continuing to refine them. Once the market, real estate especially, is okay, we can press the button,” Carreon noted.
Beyond the Buendia site, PHC holds a 10-hectare lot along Macapagal Boulevard in Pasay City where the PNB Financial Center stands, as well as the nearly fully leased PNB Makati Center on Ayala Avenue.
The announcement comes as PHC prepares to list its shares by way of introduction on the Philippine Stock Exchange on Friday, September 25, at an opening price of ₱1.20 per share.
“Our pricing now is so conservative because our net asset value (NAV) now is based on the valuation of land only. Without the redevelopment path… The valuation did not factor in the redevelopment possibility of having more money come in. So if you put that, it will grow higher, it’s an upside,” Carreon explained regarding the stock listing valuation.