By Ayen Infante
08/24/2009 [ tribune.net.ph ]
The Philippine Economic Zone Authority (Peza) has approved the grant of perks to the Zuellig Building in Makati City by naming it an information technology (IT) center.
As an IT center, prospective locators of Zuellig Building will enjoy fiscal and non-fiscal incentives that are administered by Peza, including a five-percent gross income tax in lieu of all local taxes and duty-free importation of capital equipment.
The Peza board had approved the project as an IT zone last June 29 but the declaration was still subject to the issuance of the required Presidential Proclamation.
In a report to Trade and Industry Secretary Peter Favila, Peza director general Lilia de Lima said the project cost was initially pegged at P3.1 billion, including P2.1 billion for the building construction, and P1 billion to cover other costs.
"The new development will provide the IT sector, particularly the booming business process outsourcing (BPO) industry and other IT-enabled services, 66,280 square meters of prime office space," De Lima said.
The project sits on an 8,285 square meter (sqm) lot in one of the prime locations in the Makati commercial business district.
Bridgebury Realty Corp., the property arm of Zuellig Pharmaceuticals, is developing the property.
Based on the profile submitted with Peza, the project is a 34-story (including mechanical room) office building with five-level basement parking and retail spaces located at the first three levels.
Offices are located from the 3rd floor to the 33rd floor level giving a majestic view of the city’s central business district.
About 75 percent of the entire floor area, or nearly 50,000 sq m would be dedicated to office and IT space. A little over 3 percent (2,194 sq m) is designated as common area, while the remaining 21.83 percent, 14,468 sq m, is allocated for other areas.