Asiatown developer to build more mid-rise BPO facilities

CEBU, Philippines – The developer of the 24-hectare Asiatown IT Park in Lahug, the Cebu Property Ventures and Development Corporation (CPVDC) plans to build another mid-rise BPO building with the rising demand for office space at the cyber-park.

CPVDC president Francis O. Monera announced that the recent development of Cebu, which has been declared as an "emerged" destination for IT and BPO, will bring more interested investors here.

"We are planning to build another BPO tower," Monera said citing the success of the eBloc2 Tower, which is occupied by two BPO giants, the JP Morgan and NCR.

CPVDC, in partnership with Ayala Land Inc. (ALI), projects to complete the P1.4 billion eBloc2 project by the end of 2011.

Even before the eBloc2 is completed, Monera said plans of putting up the third eBloc facility at the park is already in the drawing board.

Earlier, the company reported that it has readied the masterplan of the five-hectare undeveloped property within the park, and the two-hectare super-block that is located in the center of the property.

Part of the initial plan is to build a BPO enclave facility within the five-hectare remaining property. However, the company has not given an exact timetable for the project's completion.

Because of limited lots available last year, the total revenue of the company was affected, and it declined by about six percent, compared to the P371 million it earned in 2007.

Monera said as the total lot area available at the IT Park is getting smaller, the company is also on the constant lookout for lands to take advantage of the robust BPO sector.

Monera said that in 2008, the company continued to maintain a strong asset base, with total assets reaching P1.35 million. Cash and cash equivalents amounted to P435 million.

He said being pioneer in the ICT industry, CPVDC is in an optimum position to remain strong "and even flourish despite the global crisis."

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 offices to cater to more IT and IT-enabled service locators while keeping ownership of the land for future value appreciation.

Its newest building called eBloc Tower which was completed last year, is now getting considerable interest from the probable tenants market.

This 12-story office condominium is the maiden project of Asia I-Office Properties, as special purpose vehicle created with the partnership between CPVDC and ALI's Corporate Business Group.

CPVDC has already developed two modular buildings at the Asia Town IT Park, called e-Offices.

Monera said all buildings that will be built within the five-hectare property will be owned and managed by the company and will not be sold to locators. (FREEMAN)