CEBU, Philippines - Publicly-listed Cebu Property Ventures and Development Corporation is set to start building the second eBloc Tower at the Asia Town IT Park, as the first 12-story office condominium is now fully-leased out.
CPVDC, together with Ayala Land Inc. (ALI-Corporate Business Group) created the Asia I-Office Properties, a special vehicle to build vertical developments at the 24-hectare cyber-park, and first eBloc is its maiden project.
CPVDC president Francis O. Monera announced that the company will start building a sequel of eBloc in the next few months, horizontal development of the project is estimated at P200 million.
The Asia I-Office Properties spent about P820 million for the first eBloc building that is now being leased out by giant outsourcing firms, such as the NCR Cebu Development Center Inc., (NCR-CDCI) and the American outsourcing firm JP Morgan Chase & Co. (JPMC).
Completed only in March of this year, all seven office space floors have been leased to these two leading multinational companies.
From purely selling lots at the Asia Town IT Park, CPVDC has now shifted to constructing IT building starting with eBloc. The company also will start the development of 5-hectare idle lot at the cyber-park by second half of 2010.
According to Monera, the company has taken advantage of the robust growth in the ICT industry specifically in the intense interest of multinational BPO firms to locate in Cebu.
He said the 25 percent growth of the BPO/ICT industry in the Philippines amid the challenging economic environment is a good indication that demand for BPO related office rental will continue to be strong in the next few years.
The eBloc Tower, located along Jose Ma. Del Mar Avenue of the Asiatown IT Park, is a 12-story mid-rise office condominium with a retail provision at the ground floor.
An IT Special Economic Zone operating for six years now, Asiatown IT Park has played a significant role in laying down the ground work for pushing Cebu as the ideal destination for IT investors.
The eBloc Tower is specifically designed to meet the needs of the occupants by providing them round-the-clock services and facilities suited to the needs of IT and IT enabled firms.
In 2008, CPVDC posted total revenue of P349 million derived from commercial lot sales and rental from e-Office and The Walk and from interest and other income.
The remaining undeveloped land within the cyber-park, Monera said will be the company’s major source of growth in office leasing revenues as CPVDC turns its strategy towards building officers to cater to more IT and IT-enabled services locators while keeping ownership of the land for future value appreciation.
Asia Town IT Park is now the location of well known BPO firms such as Convergys, eTelecare, PeopleSupport, among others and the IT zones locators are employing close to 13 thousand people.— Ehda M. Dagooc