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PRIMEX Corp. the construction of its P3.6 billion office tower in San Juan City yesterday, building on its prime location to boost demand for tenants.
In a statement released on Wednesday, the listed real estate developer said it's paved the way for the Primex Tower. The 50-story office project will be located on 1,944 square meters at the corner of EDSA, Connecticut and Florida Streets, in the Greenhills commercial district.
Primex Tower is expected to offer approximately 41,000 square meters.) Rental spaces of an area of 200 to 300 sqm each. The offices will be spread over 37 floors, while 12 floors will be dedicated to above-ground parking and basement.
The project – which is expected to be the city's tallest – is expected to be completed in the next four to five years. years. Primex subsidiary Primex Realty is responsible for its development.
"With this project, the company seeks to take advantage of the growing demand in the areas of offices and hotels," said Primex President and President, Ernesto O. Ang. say in a statement
. Ang said that a study by the real estate consulting firm Colliers International Philippines had projected an average 10% increase per year in rental rates in sub-markets. "The growth in the sector will be quietly led by knowledge process subcontractors," said Ang.
The company said the Primex Tower will be able to attract tenants as the demand for office space shifts to new, better buildings instead of old structures.
The tower will also feature LEED (Leadership in Energy and Environmental Design) designs. This includes surrounding the building with 90% double-glazed glass with a gap between the two that reduces heat and noise penetration. In turn, the reduced heat gain will improve the efficiency of the air conditioning system in the building.
LEED standards are measures imposed by the United States Green Building Council to ensure that a development is healthy, highly efficient and cost effective.
The commencement of construction of the Primex Tower followed the completion of the company's 31-storey condominium project in Salcedo Village, Makati, called The Stratosphere.
In the future, the company is looking for new local and foreign partners. "These sites – in Malabon, Mandaluyong, Quezon City and San Juan in Metro Manila and surrounding areas like Tagaytay – offer equally exciting growth potential," said Primex Executive Vice President Karlvin L. Ang. stated in a statement
Primex reported a net loss attributable to the parent company of P1.36 million in the first quarter of 2018, compared with an attributable profit of P25.74 million in the same period a year ago. This follows a 92% decline in gross revenues to 7.44 billion pesos for the period from January to March.
Primex shares jumped 6.51% or 22 centavos to close at P3.60 each on Wednesday. – Arra B. Francia
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