Primex starts P3.6-B Greenhills office tower
Listed property developer Primex Corp. has started the construction of a P3.6-billion 50-story office tower located at the Greenhills commercial district in San Juan City.
Primex president Ernesto Ang led the groundbreaking ceremony for Primex Tower, which is located on a 1,944-square meter property at the corner of EDSA Connecticut Street, and Florida Street. This is expected to be the highest building in the city after its completion within four to five years.
“With the project, the company is looking to take advantage of increasing demand in the office and hotel sectors,” Ang said.
A recent study by Colliers International Philippines estimated an average increase of 10 percent per annum in rents across submarkets despite an increasing vacancy.
“The growth in the sector will be quietly led by knowledge process outsourcers,” he added.
Despite the increase in supply, Ang said Primex Tower and other similar projects would be attractive as demand shifts from the old structures to the new higher quality buildings.
The tower consists of 37 floors of office space and 12 floors of above ground and basement parking.
To be developed by its subsidiary Primex Realty Corp., Primex Tower would have approximately 41,000 square meters of total leasable office space, ranging from 200-300 sqm in size.
Ang is confident the tower will attract tenants because it has incorporated design features that are in line with Leadership in Energy and Environmental Design (LEED) standards.
The tower will recycle wastewater through a sewage treatment plant for use in vegetation irrigation and flushing of water closets.
Primex executive vice president Karlvin Ang said the company continues to attract the interest of other leading local and foreign developers to jointly develop the rest of the company’s extensive landbank.
“These locations – in Malabon, Mandaluyong, Quezon City, and San Juan in Metro Manila and surrounding areas like Tagaytay – are showing equally exciting growth potential,” he said.