Filinvest allots P4 B for QC office
bldgs bdBy Richmond S. Mercurio (The
Philippine Star) | Updated October 11, 2014 - 12:00am
MANILA, Philippines - The Filinvest
Group of the Gotianun family will spend at least P4 billion starting next year
to add 85,000 square meters of office space in Quezon City.
In an interview, Filinvest group head
for offices Maricel Brion-Lirio told The STAR that Filinvest Land Inc. (FLI)
would put up mixed-used developments in the company’s recently-acquired
properties in Cubao and near GMA-7 in Quezon City.
For the office components of the
mixed-used projects that would primarily
cater to the business process outsourcing (BPO) business, Lirio said around
P2.5 billion to P3 billion is being allocated for the Cubao project while
another P1.5 billion to P2 billion is earmarked for the project near GMA-7.
Both projects would have retail, residential and office
components, with the Cubao project featuring a hotel, Lirio said.
The Cubao project would have around 50,000 sqm of space for BPO
business while the GMA-7 project would
have about 35,000 sqm.
Lirio said the two projects would start construction by the last quarter of
next year. The Cubao project is expected to be completed by the fourth quarter
of 2019 while the GMA-7 project is eyed to be finished by the first quarter of
2019.
FLI said the names of the projects are
still in the process of registration.
FLI’s BPO offices, together with the
malls, contribute approximately 30 percent to the property firm’s net income.
The Gotianun-led property firm is
looking to boost its office portfolio from the existing 210,000 sqm of total
gross leasable area to 275,000 sqm by 2015. Its bigger plan is to more than
double its office portfolio and reach 700,000 sqm by 2020.
FLI’s net income was strong in the
first half of the year, growing 15 percent to P2 billion. Revenues likewise
grew 26 percent to P7.2 billion, supported by a 30 percent uptick in the real
estate business and seven-percent growth in the leasing business.
Filinvest Development Corp., the
investment arm of the Filinvest Group, is currently into the property business
through FLI, power generation through FDC Utilities Inc., banking through
EastWest Bank, and sugar production through Pacific Sugar Holdings.
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