BDO allots P3B for Podium mall redevelopment

MANILA, Philippines - Banco de Oro Unibank Inc. (BDO) is spending up to P3 billion for the redevelopment of the five-level Podium mall in Ortigas into a comprehensive commercial complex.

In an interview with reporters, BDO chairperson Teresita Sy-Coson said the bank will shoulder the entire redevelopment cost.

BDO signed last month an agreement with affiliate SM Keppel Land (SMKL) for the expansion of the Podium complex along Julia Vargas Avenue.

The project, estimated to be completed in five years, will include the construction of an office tower that will house some of BDO’s business units, currently located in Ortigas.

The development is still subject to the necessary regulatory approvals, including the Bangko Sentral ng Pilipinas.

SMKL is a joint venture between BDO and Keppel Philippines Properties Inc. (KPPI).

KPPI, through its associated companies, is engaged in the acquisition and development of suitable land sites for residential, office and commercial uses.

The Podium mall opened its doors to the public in December 2001 and is home to over 152 specialty stores and restaurants as well as two state-of-the-art cinemas.

BDO is a unit of conglomerate SM Investments Corp. , owned by retail tycoon Henry Sy.

The bank is eyeing a net income of P10.5 billion this year, up 19 percent from P8.8 billion in 2010.