By Arra B. Francia, Reporter
GT CAPITAL HOLDINGS, Inc. is now implementing the master plan for its 40-hectare mixed use estate in the Bay Area called Metro Park, where it recently opened a new office building for the business process outsourcing sector.
“The land area in the reclaimed area is 40 hectares, so they’re now doing the master plan for the full development,” GT Capital President Carmelo Maria L. Bautista told reporters after the company’s annual shareholders’ meeting in Makati City on Wednesday.
Metro Park is being developed by Federal Land, Inc., one of GT Capital’s property units. The company has so far opened one office building called iMet in the mixed use project. iMet is registered with the Philippine Economic Zone Authority and has a total of 10 office floors with a floor plate of 2,029 square meters each.
Mr. Bautista noted there are also six towers and a retail mall being developed in the area.
“For the mall area, there was a gas station that’s now being redeveloped into a retail mall,” the GT Capital executive said. This will be connected to GT Capital’s existing Blue Wave mall in the area.
GT Capital is one of several companies developing office buildings in the Bay Area.
A quarterly property report by Colliers International Philippines stated that the Bay Area accounted for 36% of the 470,000 sq.m. of office spaces completed in the first quarter of 2018. The Bay Area is also emerging as the preferred location of Philippine Offshore Gaming Operators (POGOs), given the local government’s openness to such companies.
GT Capital’s property business, which includes Federal Land and Property Company of Friends, Inc., delivered P18.2 billion in consolidated revenues in 2017. Combined net income from the two firms amounted to P2.1 billion.
The George S.K. Ty-led conglomerate said it is currently looking for opportunities in other sectors which will create synergies with its existing businesses. Its core interests include banking through Metropolitan Bank and Trust Company, insurance through AXA Life Insurance Corp., automotives with Toyota Motor Philippines, Corp. It is also the second largest shareholder in Manuel V. Pangilinan-led Metro Pacific Investments Corp.
The company’s core net income jumped 29% to P15 billion in 2017, following a 19% rise in revenues to P239.8 billion for the period.
Shares in GT Capital gained P19 or 1.91% to close at P1,016 each at the Philippine Stock Exchange on Thursday.