Thursday, March 3, 2016

SM invests P4-B in Four E-Com Center


SM Prime Holdings Inc. has shelled out P4 billion to erect Four E-com Center, the newest E-com building at SM Mall of Asia.

Measuring 123,968 in gross floor area, the upcoming building will have 16 stories primed for office operations -- four levels of podium parking; 11 levels of office spaces -- and retail options at the 5th floor podium and ground level. It is expected to generate P700 million in gross total revenues annually upon completion in 2019.

"The demand for office space remains aggressive thanks to the continued economic growth of the country. Strong interest remains due to more investors realizing the potential of the Philippines for their business," said David Rafael, an executive of SM Investments Corp.

"Our job is to provide them with a good office space for their operations," stated Rafael. "Companies are more selective now with their office locations whether it be for expansion or relocation. They are critical in analyzing traffic, safety and accessibility of their site [and] even the lifestyle and well-being of their employees. The competition now is all about the overall quality of the area and not just the building."

One, Two, Three, and Five E-com Centers were launched in recent years, with Three E-com Center slated for completion in 2017. Six E-com Center is presently in its planning stages, with groundbreaking scheduled later in 2016, or early 2017.

SM’s realty arm has set its sights upon expanding the Mall of Asia complex. According to Rafael, "We are aiming to create a township that can stand on its own. What we are going for is a friendly workplace environment that means business while also catering to the social needs of employees. That is why we are anchoring the E-Com brand’s growth together with that of Mall of Asia complex."

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