Araneta Center, Inc. (ACI) looks to complete its P3-billion office tower in Cubao, Quezon City by October, banking on business process outsourcing (BPO) firms and offshore gaming companies to locate in the area.
The company topped off on Monday, March 19, Cyberpark 2 Tower, which covers a gross leasable area of 71,000 square meters (sq.m.) across 31 floors. Two storeys are allotted for retail areas, while another three will be for basement parking. ACI has tapped Megawide Construction Corp. to construct the tower.
The tower has also been registered with the Philippine Economic Zone Authority, granting locators tax incentives when they locate in the building.
“(This will be) an answer to businesses that are saddled in congested business districts and looking to the north for options and solutions,” ACI Senior Management Consultant Rowell L. Recinto said during the topping off ceremony.
ACI said the tower will be partially completed by July, by which time the building will be opened to tenants. As of now, half of Cyberpark 2’s space has already been leased out to tenants, with the company continuing negotiations with other firms to locate in Cyberpark 2.
The tower is ACI’s second building in the eight-hectare Araneta Center complex, following Cyberpark 1 which has a GLA of 66,000 sq.m. The two towers bring ACI’s gross floor area in the complex to 200,000 sq.m.
The company is targeting both BPOs and offshore gaming firms for both towers, noting its prime location given its vicinity to major transport networks such as the Metro Rail Transit Line 3, Light Rail Transit Line 2, and terminals for provincial buses and jeepneys.
Also located in the Araneta Center complex is Manhattan Garden City, an 18-tower residential complex that has yet to be completed. The towers also stand within Smart Araneta Coliseum and Kia Theatre, which host around 300 shows every year; the Gateway Mall with around 2,000 shopping and dining retailers, and the Novotel Manila-Araneta Center.
ACI said the mix of office, residential, retail, and entertainment centers in the complex is the company’s answer to the live-work-play lifestyle being offered by other developers today. — Arra B. Francia