SM Prime to spend P7B for 2 BPO buildings

MANILA, Philippines SM Prime Holdings Inc is spending P7 billion ($156.77 million)* for the construction of two, new standalone office buildings next year.

The buildings will cater to business process outsourcing (BPO) industry locators.

The company will break ground on those buildings with a combined gross floor area (GFA) each of 160,000 square meters (sq m), SM Prime Commercial Properties Group head Dave Rafael said during the opening of the SM Cyber West Avenue in Quezon City.

The first building measuring 80,000 sq m is located in Quezon City. The second building in Ortigas Center will also have the same size.

Both buildings will each be 25-30 stories high and will cost P3.5 billion ($78.39 million) each to construct.

SM Prime is already in talks with interested BPO companies as possible tenants.

For further expansion, SM Prime is looking at Pampanga and Cebu as possible locations for its BPO buildings.

To date, SM Prime has 600,000 sq m of leasable space for BPOs, including the recently opened P1.05 billion ($23.52 million) SM Cyber West which spans 10,000 sq m of office space.

Strategically located

The 10-story SM Cyber West Avenue is 100% leased out to two BPO firms, Emerson Electric (Asia) Ltd and Synnex-Concentrix Corporation.

Read more:
SM Prime to spend P7B for 2 BPO buildings