FLI allots P5 B for Cebu BPO project

MANILA, Philippines - Gotianun-led Filinvest Land Inc. (FLI) is pouring in P5 billion to convert a 1.2 hectare property in Cebu into a modern office complex catering to the business process outsourcing (BPO) sector in the area.

FLI president Joseph Yap said the complex, which would rise on a lot that used to be occupied by the Bagong Buhay Rehabilitation Center and the Cebu City Treatment and Rehabilitation Center in Salinas Drive, Lahug, would comprise four buildings which are expected to provide an additional 87,000 square meters to its office portfolio when completed.

The company is spending P640 million to construct the first building.

Yap said the company remains bullish on the BPO sector and is rapidly expanding its office portfolio to meet the needs of the industry.

By 2012, FLI will have an office portfolio of over 178,000 sqm in terms of gross leasable area, making it one of the biggest office landlords in the country. The figure is expected to increase further to 371,000 sqm by 2016 or 108 percent higher.

As of the end of 2011, FLI’s BPO office building portfolio had over 170,000 square meters of gross leasable area (GLA) from 12 buildings in Northgate Cyberzone in Filinvest Corporate City in Muntinlupa City and PBCom Tower in Makati City.

At Northgate Cyberzone, another building is currently under construction and would add close to 20,000 square meters of GLA in the first half of 2013, while a 14th building is targeted to break ground within the year with a GLA of 13,000 square meters.

Vector Two, which was completed in the fourth quarter of 2011, is fully taken-up and has been turned over for tenant fit-outs.

Aside from this, FLI is constructing a five-story building along EDSA across the Asian Development Bank building, and it is expected to be completed within the year.

Cebu has become one of the major hubs for FLI projects. It is currently developing the 50.6-hectare Citta di Mare in the South Road Properties.

Two mid-rise building (MRB) projects, Amalfi Oasis and San Remo Oasis, are currently being constructed under a joint venture with the Cebu City Government. Land development works on the Il Corso lifestyle strip are also ongoing.

Other ongoing projects of FLI include One Oasis Cebu, a 3.7-hectare MRB development with a total of 10 buildings adjacent to the Cebu Golf and Country Club. Two buildings have already been completed and a third is targeted for completion by year-end.

FLI’s Grand Cenia Hotel and Residences condotel has recently started operations as Quest Hotel and Conference Center, a three-star hotel complete with business and conference facilities.