Filinvest expanding office property portfolio

Gotianun-led property developer Filinvest Land Inc. is set to expand its office property portfolio by 43 percent to 258,000 square meters in gross floor area (GFA) in the next two to three years, in view of rising demand from business process outsourcing firms.

In a statement, FLI said it remained bullish on the BPO sector and was thus “rapidly expanding its office portfolio to meet the needs of the industry.”

FLI announced the completion of its latest BPO office building at Northgate Cyberzone in Filinvest Corporate City, Alabang. The newest building, Vector Two, is being turned over for tenant fit-outs and is expected to start contributing to revenues starting January 2012. This is the 12th BPO office building at Northgate Cyberzone, adding about 18,000 square meters of leasable space to FLI’s office portfolio. The building is now more than 90 percent taken up, it said.

The property company also recently broke ground on its 13th office building at Northgate Cyberzone. Once completed in 2013, the new building will add another 20,000 square meters of GFA. The project is a 20-story building located at the corner of Alabang-Zapote Road and Northgate Avenue.

Plans are also being finalized for Plaz@ E, which will be located at the northernmost section of Northgate Cyberzone. Plaz@ E will have nine floors of office space and three floors of above-ground parking, with a GFA of around 13,000 square meters. FLI is targeting to complete the building by late 2013 or early 2014.