RLC raises stake in QC property sector

Gokongwei-led property developer Robinsons Land Corp. has raised its stake in Quezon City’s office property market with the groundbreaking for a twin-tower project designed to serve the business process outsourcing (BPO) segment.

The latest project, Exxa and Zeta Towers in Bridgetowne along C5 road Ugong Norte, will be identical 20-storey buildings, which together will add 70,000 square meters to RLC’s office property portfolio.

A two-level retail component will add about 4,000 square meters of leasable space.

Exxa is targeted for completion in the second half of 2017 while Zeta will be completed by 2018.

With the completion of the two towers, RLC will have a total of 510,000 square meters of office space nationwide by 2017. They will be the second and third towers in Bridgetowne.

RLC’s leasing rate for office space in this segment is P600 to P700 per square meter per month. Escalation rate for new tenants is estimated at 5 to 10 percent.

In an interview during the ground-breaking for the two towers yesterday, RLC office buildings division general manager Faraday Go said demand for office space in this area was strong.

“It’s because of the access from Ortigas avenue and C5 and with abundant public [transportation] options here, there are a lot of interest in this mixed use development. They see that it will be a good place for employees to work,” Go said.

Go said RLC was ramping up construction of office projects as space take-up continued to remain very strong, particularly for BPO and office space leasing.

The twin buildings will be connected by a commercial podium with retail, dining and service outlets at the first two levels. The second floor of the podium will have a direct link to Tera Tower, the recently completed office building inside the Bridgetowne development.

The project will be developed in two phases, with the first phase comprising the first five levels which includes the commercial podium as well as basement and podium parking. The first phase of the development also includes the Exxa tower with 14 office floors on top of the podium retail and parking. The second phase of the development is the construction of Zeta tower, which will be built on top of the retail and parking podiums right next to Exxa Tower.

“We are adding more commercial space so that our tenants will have more retail, service and dining options,” said Go noting that there would also be shops offering various services like spa, clinics, banks and travel agencies. Doris Dumlao-Abadilla