Arthaland allots P3.5-B for office tower project


Posted at Jun 27 2014 09:07 PM | Updated as of Jun 28 2014 05:07 AM

MANILA – Arthaland Corp. is investing about P3.5 billion to build a 30-storey office tower at the Bonifacio Global City.

The project, called the Arthaland Tower, is targeted to be completed by 2017.

The tower will have 28,000 square meters of net leasable area out of a gross floor area of 34,000 square meters.

But instead of targeting business process outsourcing (BPO) firms, the office building is envisioned to serve as corporate headquarters of top-tier and multinational corporations.

"The market demand for office space, especially in BGC, is very strong. Spaces are leased out one year before completion, sometimes even earlier. Most of the buildings going up now in BGC are pre-committed. BGC projects offer strategic locations allowing developers to command top rents. Relatively low occupancy costs compared with the rest of the countries in the region drive multinational companies to base in the Philippines and they in turn look for offices in BGC," Arthaland president Angela Lacson said.

She said the building’s design was the brainchild of SOM of New York, famed architects of some of the most prestigious buildings around the world.

"This iconic building will be a premium grade building intended to attract the most prestigious companies who wish to have their headquarters moved to BGC as tenants. As will be expected by our future tenants, we will aim for BERDE (Building for Ecologically Responsive Design Excellence) and LEED (Leadership in Energy and Environmental Design Program) Gold certification," Lacson said.

Arthaland Corp., owned by the Po and Gonzales families, is venturing into the office property business to cater to strong market demand for premium office space.

The firm aims to have 40 percent of total revenues accounted for by recurring rental income.