Filinvest to expand office property business

MANILA, Philippines – The real estate developer Filinvest Land Inc. is to expand its office property portfolio by 43 percent to 258,000 square meters in gross floor area in the next two to three years, upbeat on demand from business process outsourcing firms.

In a press statement on Wednesday, FLI said it remained “very 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.

This newest building in Alabang, Vector Two, is being turned over for tenant fit-outs and is expected to start contributing to revenues starting in January 2012. This is the 12th BPO office building at Northgate Cyberzone and adds close to 18,000 square meters of floor area to FLI’s office portfolio. The building is now more than 90 percent taken up, the company added.

The property company also recently broke ground for its 13th office building at Northgate Cyberzone. Once completed in 2013, the new building will add another 20,000 square meters of floor area. This new project is a 20-storey 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 floor area of around 13,000 square meters. FLI is targeting to complete the building by late 2013 or early 2014.

Meanwhile, construction of the five-story Filinvest Building on EDSA in Mandaluyong is in full swing. This 10,000-square meter building is targeted for completion before the end of 2012.

FLI also has 3,500 square meters of office space in its Grand Cenia Condotel and Residences, across the Cebu Business Park in Cebu City.

Upon the completion of all these projects, FLI will have one of the biggest BPO office portfolios in the country with its 258,000 sqms of floor area, a 43 percent increase from its end-2010 level.