Vol. XXII, No. 75 [ BusinessWorld Online ]
Friday, November 7, 2008 | MANILA, PHILIPPINES
A SINGAPOREAN property developer is planning to build a residential and commercial complex in Laguna that will include a business process outsourcing (BPO) campus in a 40-hectare property.
In a telephone interview, Ong Beng Kheong, chief executive officer for Southeast Asian operations of Ascendas Pte. Ltd., told BusinessWorld a new company called Ascendas Business Park Corp. had been set up to handle the project, which straddles Sta. Rosa and Cabuyao.
He declined to provide a timetable and estimated cost of the project, saying it was still at the planning stage.
The Securities and Exchange Commission approved Ascendas Business Park’s incorporation last week.
The new company will have a capital stock of P400 million divided into four hundred million shares.
Only a quarter of the shares have been bought, almost all by Business Facilities Development Corp., which is also a unit of Ascendas.
Documents filed with the corporate regulator showed that the company intends to acquire land to build and manage business, science and information technology (IT) parks. It also plans to build high-tech facilities and towers, retail and commercial spaces and residential communities.
Mr. Kheong noted that aside from the Laguna project, Ascendas, which co-developed the 145-hectrare Carmelray Industrial Park II in Laguna, also plans to build two towers in Fort Bonifacio in Taguig next year.
Last year, Ascendas announced the creation of its Ascendas ASEAN Business Space Fund worth $200 million, which it plans to primarily invest in the Philippines, Vietnam and Malaysia.
The property developer said it hopes to grow the fund to $400 million with assets worth $1 billion.
It said it would invest on the development of central business district and suburban office spaces, technology-related facilities, as well as science, biotechnology and IT-related assets.
Ascendas, which also operates in Singapore, China and India, said it was investing in these emerging markets to take advantage of the growing demand for high-quality business space given the growing industrial, IT and BPO sectors.
Last year, the company said it would add 30,000 square meters of office space in a six-hectare area at the Carmelray Industrial Park II. — Don Gil K. Carreon
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