Green developer ArthaLand Corporation, the boutique real estate arm of the Po family, is expanding outside Metro Manila with the planned launch of its P11.5-billion Cebu Exchange office tower.
In a press briefing, ArthaLand President Angela De Villa-Lacson said they are investing R8 billion for the Grade-A office development, which is designed to address the IT and business process outsourcing industry’s growing demand for quality space in Cebu.
De Villa-Lacson said the project is a joint venture development with Arch Capital Group which is partly owned by the Ayala Group.
Arthaland owns the land and 60 percent of the project while Arch Capital holds the remaining 40 percent equity.
The project will rise at the property that ArthaLand recently acquired along Salinas Drive, across the Cebu IT Park and beside the Waterfront Hotel.
To be built on 8,400 square meters of prime property, Cebu Exchange will be the largest and the tallest IT-BPM business ecosystem at the Cebu IT Park area.
The 38-story office building will house four floors of retail outlets and 30 large-cut flexible office floors.
It will also have ample parking at 945 units spread out in 10 floors.
The office units will sell for about P128,000 per square meter compared to about P130,000 per square meter for ready-for-occupancy office space in Cebu.
De Villa-Lacson said they plan to start construction late in the first quarter next year with the first phase to be completed in 2020 and the second phase by 2022.
The first phase includes the parking, retail and some office space reach up to the 11th floor.
“With the continuing market optimism on Visayas and Mindanao, ArthaLand sees robust opportunities, especially in the information technology and business process management sector. This is why we are aiming to launch Cebu Exchange very soon,” said De Villa-Lacson.
Cebu Exchange will be VisMin’s first and only office development to be on target to achieve dual green building certification under the US Green Building Council’s LEED program and the Philippine Green Building Council’s BERDE certification programs.
To ensure resource efficiency for the building’s locators, Cebu Exchange will feature green elements such as efficient building envelope, water efficient plumbing system, low-energy consuming air-conditioning system, efficient lighting system, use of low-emitting materials, and allocation for Low-Emitting & Fuel Efficient Vehicle (LEFEV) parking.
With its strategic location, the project is well connected to the rest of the community, thus requiring less use of motorized vehicles.
“ArthaLand is the only Philippine developer that puts sustainability at the core of all its projects. This is why we know that the expertise that we bring to Cebu and the rest of Visayas and Mindanao will further boost the region’s business viability,” De Villa-Lacson noted.
She added that, “Cebu Exchange will change VisMin’s real estate landscape. Cebu Exchange will be the Future of Business in the region.”