Net Group ventures out of Global City

By February 3, 2017Property News
The Net Group

The Net Group will for the first time venture out of the Bonifacio Global City (BGC) where it has the biggest footprint among developers in the office segment.

Raymond Rufino, executive vice president of The Net Group, said the company sees 2017 as a peak year in terms of recurring income following the full occupancy of its seven buildings, which are all in BGC.

Rufino said The Net Group is also looking into diversifying its portfolio to include an “office-related development.”

He declined to give details on these plans but said the company will now begin landbanking activities as accommodation values in BGC have become more expensive, growing four times since 2009 when it first started in the area.

The company is also known to develop one project at a time.

Rufino said The Net Group will continue to cater to both the business process outsourcing (BPO) spaces as well as the traditional office. The current mix is now 70:30 in favor of BPOs.

Currently, The Net Group’s buildings charge the highest lease rate at P1,200 per square meter per month versus the average of P900.

Rufino also said the company is considering to go public at the right time.

The group has 230,000 sq.m. in office space in BGC spread over Net Park, Net Plaza, Net Quad, Net Cube, Net One Center and Net Lima.

 

Source: http://www.malaya.com.ph/business-news/business/net-group-ventures-out-global-city

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