MEGAWORLD Corp. is building two new office towers in the Iloilo Business Park to expand its office portfolio in the urbanized city in Visayas.
The listed property developer said in a statement over the weekend it is adding 78,000 square meters to its office portfolio of almost 65,000 square meters in Iloilo.
This will be comprised of two buildings with 12 stories each, which will be called Enterprise One and Enterprise Two. Megaworld said it will be registered for a Leadership in Energy and Environmental Design (LEED) certification.
Megaworld Premier Offices First Vice-President Roland Tiongson said the demand for office spaces in Iloilo Business Park kept “steadily growing” over the past years, pushing the company to continue investing in this type of development.
“Most of the companies that want to set up operations in Iloilo prefer the township concept that we offer because it helps ensure convenience and comfort necessary for the retention of their employees,” Mr. Tiongson was quoted as saying.
Megaworld currently has office spaces in eight fully operational buildings in Iloilo: One Global Center, Two Global Center, Richmonde Tower, One Techno Place, Two Techno Place, Three Techno Place and Festive Walk Office 1 and 2.
However, it said all its office spaces are fully leased out at the moment, thus it is constructing an additional 35,000 square meters of office space through One Fintech Place A, One Fintech Place B and Two Fintech Place. These buildings are scheduled for completion in 2021.
“By 2022, we expect our office stocks to reach around 175,000 square meters, the biggest for a single developer in Iloilo City. These office towers are able to generate approximately 62,000 jobs in the BPO (business process outsourcing) sector,” Mr. Tiongson said.
A robust growth in its office leasing business pushed Megaworld’s revenues 17% up to P48.12 billion in the first nine months of 2019, resulting in an attributable net income of P11.3 billion or 14% higher from a year ago.
Shares in Megaworld at the stock exchange slipped 1 centavo or 0.23% to P4.30 apiece on Friday. — Denise A. Valdez