MANILA, Philippines - Ayala Land, Inc. has signed a 35-year lease agreement with the Pison Group for the development of a two-hectare property located at Riverside Boardwalk in Smallville, Barangay San Rafael, Mandurriao, Iloilo City.
The entire project once completed will consist of three business process outsourcing (BPO) facilities with a total of 19,000 square meters of gross leasable area (GLA). The initial phase will involve the construction of the first building with approximately 9,500 square meters of GLA. Construction is scheduled to start by the second quarter of this year and expected completion is by the first quarter of 2011.
Iloilo City is identified by the Business Processing Association of the Philippines (BPAP) as one of the Next Wave Cities (NWC) for BPO firms. It has an attractive power, telecommunications, commercial, sea and airport infrastructure and offers one of the lowest rental, power and average base pay rates in the country.
Ayala Land, through its office real estate solutions group, Ayala Land Businesscapes, will develop the biggest BPO facility in Iloilo to date. This move is consistent with the company’s goal of expanding into, developing and redeveloping in strategic areas within attractive growth centers across the country. The project is also expected to generate about 8,000 jobs for the local community.
Ayala Land Businesscapes is at the forefront of providing a complete line of office real estate solutions in the most strategic sites that are developed according to world-class standards and complemented by preferred amenities and the most reliable facilities management services.