Monday, February 19, 2007

First IT park to rise in Makati in 2008

Makati City’s first-ever information technology (IT) park will start construction during the second quarter of 2007, according to property developer Century Properties, Inc., which won the public bidding for the former site of the International School of Manila last year, it was announced during e-Services Philippines 2007.

Century Properties has tapped visionary architecture and urban planning firm Jerde Partnership for its flagship project, which will showcase mixed-use development, residential and commercial properties, an IT park, and a high-end hotel. The firm, which successfully bid for the property in June 2006, is set to construct a minimum of 160,000 square meters of Grade A office space.

“There’s always a premium for Makati locations. This is the largest available property for development of contiguous land, and it’s very rare that you can find a space that opens up like that, that you can essentially plan from scratch,” said Marco Antonio, Managing Director of Century Properties, Inc.

The IT park will cater to the business process outsourcing (BPO) sector, particularly the high-end BPOs, “who are willing to pay premium rates for a good location and something of this caliber,” Antonio explained. “We are currently applying for Philippine Economic Zone Authority (PEZA) accreditation and will most likely exceed the minimum requirement of one hectare for the IT park. We feel that we are poised to deliver products by 2008 or early 2009 for the first batch of office buildings,” he said.

The office market has changed dramatically in recent months, with lease rates hovering in the P1,000 per meter range, and strong demand continues to fuel the growth of the real estate industry. “It makes sense for developers to start building offices again,” Antonio observed. “We’ve talked to a lot of these potential locators and they have told us what they must have and what they wish to have, and we’re complying with their requirements.”

Century Properties also plans to donate land to put up an IT school in the area. “We believe that there will be a huge complementary relationship between the school and the availability of qualified manpower to eventually work in our buildings,” Antonio said.

A pioneer in the real estate and property development industry, Century Properties created the fully fitted, fully furnished unit. It was also the first to build a transportation-oriented development, SOHO Central, and the first to build a Wi-Fi community, Canyon Ranch.


Post a Comment

<< Home