A five-storey retail component will also be expanded.
Keppel Land yesterday revealed that it will develop a 42-storey office tower and an extension of an existing five-storey retail component in Metro Manila’s Ortigas central business district, with a total construction cost of $336 million.
The tower marks the second phase of KepLand’s SM-KL project. The project is jointly developed by Keppel Land, through Keppel Philippine Properties, and Banco de Oro (BDO), the banking arm of the SM Group. Keppel Philippine Properties holds a 40% stake in the SM-KL project.
To be completed in 2019, the new office tower will offer a net leasable area (NLA) of over 89,000 sm of premium grade office space and will be sited above the retail mall. The expansion of the retail mall will add over 34,000 sm of retail space, bringing the total retail NLA to over 50,000 sm when completed in 2016.
“We are confident that when the development is fully completed, it will meet the demand for business process outsourcing (BPO) space and prime offices for multinational corporations in Manila. The Philippines remains an attractive destination for foreign direct investments,” said Linson Lim, President (Vietnam and the Philippines), Keppel Land.
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