SM Prime invests P4B in Bayshore office complex
PROPERTY giant SM Prime Holdings Inc. is investing over P4 billion to build a new three-tower office property complex along the Bayshore area as part of the strategy to transform the Mall of Asia complex into a leading central business district in the metropolis.
The commercial properties group of SM Prime broke ground for the new 16-storey office property, FourE-comCenter on Friday. This will add 123,968 square meters of office space upon completion by 2020.
This new office property is expected to generate P700 million in gross rental revenues annually.
“The demand for office space remains aggressive thanks to the continued economic growth of the country. Strong interest remains due to more investors realizing the potential of the Philippines for their business. Our job is to provide them with a good office space for their operations,” said David Rafael, SM Prime senior vice president.
This is the fifth office property to be developed by SM Prime in this area. One, Two and FiveE-comCenter had been earlier completed and 100 percent occupied at present while ThreeEcomCenter is scheduled for completion by the third quarter of 2017.
“Companies are more selective now with their office locations whether it be for expansion or relocation. They are critical in analyzing traffic, safety and accessibility of their site even the lifestyle and well-being of their employees. The competition now is all about the overall quality of the area and not just the building,” Rafael said.
A 16-storey building, Four E-Com has a full basement, four podium parking, and 11 office levels. Retail spaces are offered at the 5th floor podium and ground levels.
The building was uniquely designed to portray crystal formations, with three adjacent towers springing from a common podium, Rafael said.
The building will have the distinct rhombic shape as well as flat and inclined surfaces layered over grids to resemble crystals. Like the other E-Com buildings, it will also feature a landscaped deck at the 5th floor podium.
This latest development is seen in line with the growth and expansion of the Mall of Asia complex.
“We are aiming to create a township that can stand on its own,” Rafael said. “What we are going for is a friendly workplace environment that means business while also catering to the social needs of employees. That is why we are anchoring the E-Com brand’s growth together with that of Mall of Asia complex.”
