Property developer Primex Corp. is investing P3.6 billion to develop what is touted to be the highest building in San Juan: a 50-story environment-friendly office tower at the Greenhills commercial district.
Primex has broken ground for this project called Primex Tower, which will bring to the office property market around 41,000 square meters of total leasable office space and create recurring earnings for the company.
The office skyscraper will rise on a 1,944-square-meter corner lot, bounded by Edsa, Connecticut Street and Florida Street. It is projected to be completed within the next four to five years.
The building will have 37 floors of office space and 12 floors of above-ground and basement parking. It will make available office space with cuts ranging from 200 to 300 square meters.
“With the project, the company is looking to take advantage of increasing demand in the office and hotel sectors,” Primex executive vice president Karlvin Ang said in a press statement.
Ang cited a recent study by Colliers International Philippines that estimated a yearly average increase of 10 percent in rents across submarkets in the metropolis despite an increasing vacancy. “The growth in the sector will be quietly led by knowledge process outsourcers (KPO),” he added.
Despite the increase in office supply in the metropolis, the company is confident that Primex Tower and other similar projects would be attractive as demand shifts from the old structures to the newer and higher-quality buildings.
Primex Tower has incorporated design features that are in line with Leadership in Energy and Environmental Design (LEED) standards.
Office spaces are designed in quadrants and are enveloped with curtain glass to allow natural light to enter, while maximizing the view of adjacent golf courses—the Wack-Wack golf course in the south and the Emilio Aguinaldo golf course in the north.
The building will use 90-percent double-glazed glass, with vacuum in between to reduce heat and control noise penetration. This is seen to enhance the efficiency of the air-conditioning system. It will also recycle wastewater through a sewage treatment plant for use in vegetation irrigation and flushing of water closets.
Ang said Primex had drummed up the interest of other leading local and foreign companies to jointly develop the rest of the company’s extensive land bank.
“These locations—in Malabon, Mandaluyong, Quezon City and San Juan in Metro Manila and surrounding areas like Tagaytay—are showing equally exciting growth potential,” Ang said.
Primex Realty Corporation recently completed The Stratosphere, a 31-story residential condominium at the heart of Salcedo Village in Makati.