Developer to unveil two office building projects

CEBU, Philippines - Two commercial building projects will be unveiled by Cebuano developer Enrison Holdings Inc., this year and the next, as Cebu's commercial building developments continue to offer promising prospects.

The company, according to its president Grand Benedicto, has two office buildings currently under construction at the Cebu Business Park (CBP) and Cebu I.T Park.

The 16-storey "Mabuhay Tower" in IT Park will be opened in September, while "Mabuhay Tower 2" at the Cebu Business Park (CBP) will be launched next year, Benedicto announced.

Although the company has recently been visible in its aggressive investments in tourism, Benedicto said Enrison Holdings has also seen the lucrative business for office buildings.

Combined, these two projects will provide a total of 18,000 leasable space for the office-for-lease portfolio in Cebu. The I.T. Park tower will have 10,000 square meters (sq.m), and 8,000 sq.m for the CBP project.

Even before the company completes the two projects, Benedicto said tenant inquiries have been strong, an affirmation of Cebu bustling office leasing demand.

Last year, research and consultancy firm, Colliers International Philippines, reported that demand from business process outsourcing (BPO) firms will encourage robust growth in Cebu’s office property market.

Colliers pointed out that Cebu is now the largest outsourcing destination outside of Metro Manila.

According to Collier, Cebu remains a preferred outsourcing destination because of the presence of adequate infrastructure, redundant internet connection, ample number of skilled college graduates, and a high level of urbanization driven by the development of several township and public infrastructure projects. (FREEMAN)