Corporate News

Araneta breaks ground on CyberPark Tower 2 for BPO locators

Posted on May 21, 2016

ARANETA CENTER, Inc. has broken ground on the second of five office buildings it intends to build within its Quezon City estate, particularly for the offshoring and outsourcing industry.

The building called CyberPark Tower 2 will rise within the master-planned CyberPark Complex the property developer envisions within its Cubao, Quezon City property.

Construction began when CyberPark Tower 1 approached completion. Tenants are starting to move into the first building built by contractor Megawide Construction Corp., according to Araneta officials.

“For this project, we are targeting to complete [in the] second half of 2018,” Antonio T. Mardo, senior vice-president for operations at Araneta, said on the sidelines of the groundbreaking ceremony.

The company tapped publicly-listed Megawide again for the latest project as part of the continuing redevelopment of the 35-hectare Araneta Center.

The office tower will features 27 storeys of office space, two floors of retail and services and three levels of basement parking.

CyberPark Tower 2 complies with Leadership in Energy and Environmental Design (LEED) standards and with the Quezon City minimum standards for green infrastructure.

“We are already getting a lot of inquiries from locators for this project. We have not just finalized anything yet with anybody but we’re getting a lot of inquiries,” Mr. Mardo said.

The CyberPark Complex is designed to primarily cater to information technology (IT) and business process outsourcing (BPO) companies entering or expanding in the Philippines.

Araneta’s decision to start constructing the three other CyberPark towers will take into account market conditions, Mr. Mardo said.

“It depends on the demand for office space so we may have to adjust. If the demand is very strong -- we may move the schedule earlier or later. But the plan is still to have five high rise buildings within the complex.”

Araneta is looking at spending P15 billion on the office complex. The company has already raised the funds needed for Tower 2.

“But right now, the cost is going up so, for example, this building is being earmarked for about P3.5 billion,” Mr. Mardo noted. -- Keith Richard D. Mariano