MANILA - The Lopez group is planning to spend an estimated P6 billion to redevelop the Benpres Building in Pasig City, First Philippine Holdings Corp. president and chief operating officer Francis Giles Puno said on Monday.

The one-hectare property will be renovated to have two office buildings that will be used for office spaces for lease and headquarters for the Lopez group.

"It will have two buildings and our estimate capital expenditures is P6 billion," Puno said.

The redevelopment of the building is part of FPH's plan to boost its recurring income, he added.

Construction is expected to start by 2018 and completed by 2021.

The company said it may tap Rockwell Land to develop the property. The offices of FPH transferred to the Rockwell Business Center along Ortigas Ave. this month in preparation for the redevelopment.