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SM Prime leases out 97% of yet-to-open office building

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SM PRIME Holdings, Inc. will be unveiling its newest office building in the Mall of Asia complex in Pasay City this Friday, alongside the topping off of its other office project in the area.

The listed property developer and mall operator said in a statement on Wednesday that it would launch ThreeE-Com Center, opening with 97% of its 114,000-square meter floor area leased out.

At the same time, the Sy-led firm will hold the topping off ceremony for FourE-Com Center, which is slated to be its largest office building to date with a gross floor area (GFA) of 190,000 sq.m.

“The launching of ThreeE-Com Center and the topping off of FourE-Com Center mark another milestone for SM Prime as these uniquely designed business centers add to the already captivating architectural landscape in the Mall of Asia Complex, as well as offering ample office space suitable for the growing needs of the outsourcing industry and other businesses,” SM Prime President Jeffrey C. Lim said in a statement.

Located at the corner of Harbor Drive and Bay Shore in the MOA complex, ThreeE-Com Center is a 15-storey twin-tower development accredited by the Philippine Economic Zone Authority. Its office spaces are located from the fifth to 15th floors, with the second to fourth levels dedicated for podium parking.

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The project will also house retail establishments like Alfa Mart, Starbucks, Tim Hortons, Mei Yu Restaurant, and a BDO bank on the ground level.

ThreeE-Com Center carries a Gold certification in Leadership in Energy and Environmental Design (LEED), indicating that its facilities are environmentally friendly.

The opening of ThreeE-Com Center will bring SM Prime’s total GFA to around 595,000 sq.m., as it currently operates 10 office buildings situated across Makati, Pasay, Quezon City, Taguig, Clark in Pampanga, Taytay in Rizal, and Sta. Rosa in Laguna.

Meanwhile, FourE-Com Center will feature three towers with 15 storeys each. It offers a 3,000 sq.m. floor plate which is the typical demand for various companies, primarily technology-based ones.

The project boasts of a crystal-like design, and is in the process of getting certification for LEED standards as well. SM Prime expects to open the building in 2019.

The E-Com Center projects form part of SM Prime’s Commercial Properties Group, which handles the development and leasing of office buildings in the country. The company’s core business is in the development of malls, 71 of which are located in the Philippines and seven more in China.

SM Prime grew its net income by 16% to P16.62 billion in the first half of 2018, driven by the provincial expansion of its mall business as well as higher demand for residential properties. Revenues also picked up 15% to P49.77 billion during the period.

Shares in SM Prime jumped 3.22% or P1.15 to close at P36.85 each at the stock exchange on Wednesday. — Arra B. Francia

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