SM Prime Holdings, Inc. has opened a new office tower in Iloilo City targeted toward business process outsourcing (BPO) firms, as its seeks to boost the presence of outsourcing companies in the area.
Located along Benigno Aquino Jr. Avenue, the Sy-led property developer said the Strata Tower offers 23,000 square meters (sq.m.) in total leasable area. Office spaces will be located on 13 floors, while the ground floor will house retail shops such as SM Savemore Supermarket.
“Strata Tower aims to establish BPO and office presence within the city and its neighboring towns,” the company said.
The office building is located across SM City Iloilo, and is accessible to the mall through a covered bridgeway on its second floor.
Strata is one of SM Offices’ 35 operational office properties covering a combined gross floor area of about 642,000 sq.m. across 20 locations.
The office group accounted for about nine percent of SM Prime’s revenues in the first quarter of 2019, alongside other leasing businesses such as hotels and convention centers. The segment saw its revenues rise 14% to P2.3 billion.
Overall, SM Prime’s consolidated revenues climbed 14% to P26.5 billion, resulting to a 16% increase in net income to P8.8 billion.
Shares in SM Prime fell 1.52% or 60 centavos to close at P38.80 each at the stock exchange on Friday. — Arra B. Francia