SM Prime putting up P4-B E-com office building

MANILA, Philippines - SM Prime Holdings Inc. (SMPHI) is investing P4-billion for its newest office building in the masterplanned Mall of Asia complex in Pasay City.

The integrated property development arm of the SM Group broke ground yesterday on its fifth building under the E-com brand called Four E-com Center.

SM Investments Corp. senior vice president for commercial properties group David Rafael said Four E-com Center is being built to address the growing demand for office buildings in the country.

“The demand for office space remains aggressive thanks to the continued economic growth of the country.  Strong interest remains due to more investors realizing the potential of the Philippines for their business. Our job is to provide them with a good office space for their operations,” Rafael said.

“Companies are more selective now with their office locations whether it be for expansion or relocation.  They are critical in analyzing traffic, safety and accessibility of their site even the lifestyle and well-being of their employees. The competition now is all about the overall quality of the area and not just the building,” he added.

According to Rafael, the new office building is expected to generate P700 million in gross rental revenues annually upon completion in 2019.

Four E-com Center is planned to be a 16-story building with a gross floor area of 123,968 square meters.

SM Prime is also constructing Three E-com Center after it broke ground in 2014. It is slated for completion by 2017.

Rafael said Six E-com Center is also under planning and is set to break ground late this year or early next year.

“We are aiming to create a township that can stand on its own. What we are going for is a friendly workplace environment that means business while also catering to the social needs of employees. That is why we are anchoring the E-Com brand’s growth together with that of Mall of Asia complex,” he said.

Aside from the E-com Centers, the entire complex includes SMX Convention Center, SM Arena, Mall of Asia, Microtel, and the soon to be operational Conrad Hotel and Tryp Hotel.

Rafael said SM Prime still has at least 18 hectares of available land in the complex which could be developed for more office buildings if demand continues to grow.