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SM Prime to put up two office buildings

By Jenniffer B. Austria | Dec. 05, 2014 at 11:30pm [ ]

Property developer SM Prime Holdings Inc. is spending P7 billion to build two new office buildings next year that will cater to the business process outsourcing industry.

SM Prime commercial properties group head Dave Rafael said in an interview during the opening of the SM Cyber West Avenue in Quezon City the company would break ground on two new BPO buildings with a combined gross floor area of 160,000 square meters in 2015.

The first building, with 80,000 square meters of GFA, is located in Quezon City while the second building, with another 80,000 square meters, will rise Ortigas Center.

SM Prime said both towers would have 25 to 30 floors and would cost P3.5 billion each to construct.

The company is now in talks with interest BPO companies as possible tenants for the office buildings which would be completed by 2018.

SM Prime said for future expansion, it was also looking at Pampanga and Cebu as potential sites for BPO buildings.

SM Prime currently has 600,000 square meters of leasable space for BPOs, including the recently opened P1.05-billion SM Cyber West, which offers 10,000 square meters of office space.

The 10-story SM Cyber West Avenue is 100-percent leased out to two BPO firms including Emerson Electric (Asia) Ltd. and Synnex-Concentrix Corp.

“The BPO sector is one of the fastest growing sectors of the economy. It provides jobs and boost Filipinos’ spending power, thereby benefitting other segments of the markets such as food, retail and property,” Rafael said.

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