RLC to expand office property portfolio outside Metro

MANILA, Philippines - Robinsons Land Corp. (RLC) is adding more muscle to its office property portfolio as it plans to expand outside Metro Manila and develop synergies with more of its mall developments.

In an interview, RLC general manager for office buildings division Faraday D. Go said the property development arm of tycoon John Gokongwei is initially looking at about six potential sites to expand its office space presence.

Of the six sites, he said about four are outside Metro Manila.

 “We have several locations that we are looking into, mostly those with existing malls. Most of them have malls already and we would like to maximize the opportunity,” Go said.

He said among the areas being eyed for possible office developments outside Manila are Ilocos and Bicol.

RLC to date has 10 existing office buildings under its portfolio, nine of which are in Metro Manila and one in Cebu.

The property firm topped off  yesterday its 11th office building, called Tera Tower, a 20-story prime office building located in its eight-hectare master-planned development in Libis, Quezon City.

Tera Tower, which will have 15 floors of office space for lease and a ground floor allotted for restaurants and shops, is set for completion by the third quarter of next year.

Go said once completed, Tera Tower would add 34,500 square meters of gross leasable area (GLA) to RLC’s existing portfolio of 280,000 square meters.

RLC has tapped Colliers International as its exclusive agent in leasing the building.

Go said expected clients for the tower are those from the business process outsourcing sector.

 “We’re riding on strong demand from BPO industry,” he said.