Megaworld expands office portfolio
Iris Gonzales (The Philippine Star) - January 20, 2020 - 12:00am

MANILA, Philippines — Megaworld, the Andrew Tan-owned property developer, is expanding its office portfolio in Iloilo with two new office towers.

In particular, Megaworld is launching two new office towers  – Enterprise One and Enterprise Two – inside the 72-hectare Iloilo Business Park in Mandurriao, Iloilo City.

Each of the towers are 12-storys and will offer around 78,000 square meters of fresh office spaces. The office towers are located along Megaworld Boulevard in the city’s modern business park.

Roland Tiongson, Megaworld Premier Offices first vice president, said there is growing demand for office space in the Iloilo Business Park.

“The demand for office spaces in Iloilo Business Park has been steadily growing the past years. Most of the companies that want to set up operations in Iloilo prefer the township concept that we offer because it helps ensure convenience and comfort necessary for the retention of their employees,” Tiongson said.

The two new office towers would add to the supply of office spaces in the business district.

To date, Megaworld has almost 65,000 square meters of office spaces in eight buildings that are fully operational in the area.

These towers, which are fully leased out, include One Global Center, Two Global Center, Richmonde Tower, One Techno Place, Two Techno Place, Three Techno Place, and Festive Walk Office 1 and 2.

An additional 35,000 square meters are now under construction, and are expected to be completed by next year. These are One Fintech Place A, One Fintech Place B, and Two Fintech Place.

Among the first-time locators in Iloilo City that are in Iloilo Business Park include StarTek, iQor, Reed Elsevier, WNS, Nearsol, and Connectsys. Companies like Transcom and HGS have also expanded their existing Iloilo operations in the township.

Tiongson said that by 2022, Megaworld expects its office investor to reach around 175,000 square meters, the biggest for a single developer in Iloilo City.

“These office towers are able to generate approximately 62,000 jobs in the BPO sector,” he said.

Both Enterprise One and Enterprise Two will be applied for Leadership in Energy and Environmental Design (LEED) certification.

Megaworld is a major developer in the country and brand itself as the country’s top office space landlord.

It has a recurring income target of P20 billion by 2020 from its office and commercial buildings.

Additionally, it expects the company’s rental portfolio to continue to grow and reach two million square meters (sqm) by end-2020.

Growth in recurring income streams from Megaworld’s expanding leasing portfolio will support the company’s robust liquidity position.

Local credit debt watcher PhilRatings said the company is likely to meet its targets.

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