SM Prime Holdings Inc., the country’s largest real estate developer, said it will spend between P4 billion and P5 billion to develop high-end office towers near SM Megamall in the Ortigas central business district.
SM Prime vice president for finance Ma. Teresa Cecilia Reyes said the planned S-shaped office towers would rise between SM Megamall fashion hall and Edsa Shangri La Hotel. The area is currently an open parking space.
Global engineering consultant Aurecon said earlier the 50-story office development, called SM Megamall Towers, would have 124,200 square meters of floor area, including three levels of underground parking and above-ground parking.
The SM Megamall Towers will have first-class amenities and will have a direct link to SM Megamall.
Aurecon was appointed by SM Prime to provide structural engineering design services for the SM Megamall Towers.
Aurecon will work closely with Arquitectonica, the architect of the high-rise office building, from the concept engineering phase to the design development.
Aurecon said the SM Megamall Towers would add to its growing portfolio of landmark projects including the Shanghai Tower, the Mapletree Business City and VivoCity in Shanghai, China; Wembley National Stadium in London; Motion Gate in Dubai; and the World Tower Melbourne in Australia.
SM Prime has been building its office portfolio over the past few years in a bid to become one of the leading office developers in the country.
SM Prime under its commercial properties group currently has 318,000 square meters of office space within the Mall of Asia complex in Pasay City.
It recently launched the 16-story FourE-ComCenter with gross floor area of 123,000 square meters while another BPO building is expected to be launched before the end of 2016.
It is also developing similar office buildings catering to the business process outsourcing industry such as the SM Cyber Buildings—a mix of build-to-suit and ready-to-use office spaces in Makati City.
SM Prime has 529,000 square meters of land bank for future office projects. The company said by 2018, it aimed to have seven BPO buildiongs with 460,000 square meters of gross floor area.