MANILA, Philippines - Capitalizing on the pent-up demand for quality office space, Eton Properties Philippines Inc. is constructing two more BPO (business process outsourcing) buildings within Eton Centris, a 12-hectare township at the corner of EDSA and Quezon Avenue.
Danilo Ignacio, president and chief operating officer of Eton, said the two new buildings are currently at the design stage and scheduled to be completed by the end of 2012. “Given strong demand for office space, the buildings are expected to be pre-leased even before turnover,” he said.
The two 20-story buildings cover a gross floor area of 42,000 square meters each.
Ignacio said around seven BPO buildings have been masterplanned for the Centris development but this number could increase next year depending on demand.
“If the market for office space continues to be strong, we are considering some adjustments in the Eton Centris masterplan to accommodate future demand for office space. There is a marked increase in demand for office space in the northern part of Metro Manila, given the outsourcing industry’s thrust to tap the manpower pool in the area,” he said.
The first building, the 13-story One Cyberpod Centris, has been fully leased out to some of the most successful BPO companies, which include Wipro Technologies, Genpact Services LLC, Unisys Philippines Ltd., Integrim BPO Solutions and Pascual Laboratories, among others.
On the other hand, the entire 18,063-sqm office space in Two Cyberpod Centris, the second building set for completion by yearend, has been fully leased to a Fortune 500 company.
Lease rates at Eton Centris now start at P500 per sqm, which is double the P250 to P300 going rate two years ago.
Apart from Cyberpod Centris, Eton also developed the Cyberpod Corinthian in Ortigas Center where a cluster of three fully leased four-story BPO buildings with a total space of 25,589 sqm had been constructed and fully leased.
Eton Cyberpod Corinthian currently houses BPO firms Startek and Northgate Arinso.
The company grew its six-month profit 10 percent to P417.9 million on the back of a 37 percent rise in revenues to P2.62 billion.
Eton, the property development arm of the Lucio Tan Group, has launched a total of 41 projects in its four years of operations. It operates three major brands - Eton for the high end segment, Belton for the middle income segment and First Homes for the broad affordable market.