Cebu Landmasters starts first office building project

CEBU, Philippines - Leading homegrown real estate developer Cebu Landmasters, Inc. (CLI) officially had its groundbreaking yesterday for its first office building project, the Park Centrale.

With an initial investment of P800 million, Park Centrale is the fourth vertical development of the local company in addition to its existing residential and condominium projects in Cebu.

Park Centrale is a 19-storey office building with one-level basement that is strategically situated at Cebu IT Park.

CLI President and Chief Executive Officer Jose Soberano III said that the flagship office project is inspired from the strong market demand of business process outsourcing locators and investors in and outside of Cebu for their expansion programs.

This is also in response to the needs of the office market fuelled by the booming business climate and vibrant economic growth in Cebu City.

With Cebu ranking eighth among preferred BPO destinations in the world, he noted that the positive office market is manifested with the BPO occupancy vacancy sale of less than five percent and 90,000 BPO employees in the country.

“Despite the locational restrictions on tax incentives issued by the Philippine Economic Zone Authority to new developers of IT Park in Metro Manila and Metro Cebu, Cebu is still the preferred BPO destination given the abundance of quality labor and manpower, low cost of living and cost efficiency for locators. We even have better advantage for office and business buildings to be put up here compared in Manila,” he added.

He particularly cited Cebu Business Park and Cebu IT Park as strategic areas that are proven successful in housing commercial and BPO-related establishments in the city.

Soberano said that interested leases and tenants such as BPO companies, business offices and law firms who want to expand in Cebu IT Park are assured of a well-built and functionally-designed office development from CLI.

The company has ventured into another partnership with the leading construction firm in Cebu, Dakay Construction, for the third time around.

With the official start of the construction of the first office building held yesterday, the company aims to finish its flagship office project within twenty months.

“Today marks the start of the dirty work. Park Centrale will be the business edge for you,” he stated.

After Park Centrale, Soberano further revealed that CLI aims to open one or two more office buildings within the next two years which will either be built in Cebu IT Park or Cebu Business Park.

Bare office units for lease are sold at an average of P450 per square meter while built-up units are priced at an average of P550 per square meter.

Office units for lease vary from 40 to 900 square meters and are priced at P4 million to P90 million.

Units that could be bought, on the other hand, range from 40 to 180 square meters with prices at P4 million to P20 million.

Aside from being the only developer to provide its own offices in IT Park, Park Centrale boasts of a premium-designed project integrating green building standards with energy-efficiency systems and architecture, natural light ventilation and strong air circulation.

There will be a total of 14 office floors comprised of leasable and saleable units, three floors and basement as parking areas, and the ground floor for retail establishments.

Amenities of Park Centrale include grand retail arcade, sky deck with water feature, glass facade, roof deck, four passenger elevators, 100% back-up generator, 147 parking slots and common restrooms for every floor.

Other design features include its high-ceiling lobby, modern glass exterior, floor-to-ceiling glass windows, flexible condo lay-outs and dedicated mechanical area in provision for business process outsourcing operations. /JOB (FREEMAN)