By Mike Baños
Editor at Large
THE SM Prime Holdings, Inc. (SM Prime), one of the leading integrated property companies in Southeast Asia, inaugurated its latest offering, the SM CDO Downtown Premier Tower, last October 17, with a media launch and preview at the site of the 12-story building along Osmeña Avenue, Cagayan de Oro City.
The office tower is part of the P80 billion earmarked by SM Prime this year to support the growth of its key businesses in the country. The capital expenditure is being allocated to key regional centers which have demonstrated promising economic progress and for the expansion of the Company’s other businesses.
“It’s very heart-warming and fulfilling to see, as the mayor of the city, this as a vote of confidence in Cagayan de Oro City, as well as the region, because investing in Cagayan de Oro, is investing in Northern Mindanao,” Mayor Oscar S. Moreno remarked in his message during the program following the media launch.
Besides Mayor Moreno, also present to grace the affair were Eileen E. San Juan, Local Economic & Investment Promotion Officer; Simon Ching, president of the Misamis Oriental Filipino-Chinese Chamber of Commerce and Industry, Inc. (MOFCCCII) and Ralph U. Paguio, Senior Vice President for Operations of CEPALCO.
Headed by SM Supermalls Vice President for Mall Operations-Mindanao Oliver John R. Tiu, the following SM executives graced the media launch: Assistant Vice President for BPO Management April Anne S. Tiongson; Assistant Vice President for Marketing Mindanao Russel Alaba; and Regional Operations Manager Joey Tumolva.
“This is a momentous event for all of us because now we have the icon in downtown CDO, our SM CDO Downtown Premier Tower,” Mr. Tiu said his welcome remarks during the program following the ribbon cutting.
“It’s the latest project of SM Prime Holdings that’s aimed at providing economical, flexible and conveniently located office spaces,” said Ms. Tiongson said in her remarks during the program launch.
“This is the only office building in the region with a roof deck so it can accommodate air taxi services when needed. In this building you’re also assured of 24/7 security, engineering support, uninterrupted water supply as well as 100% back up power. This building is also equipped with fiber-optic cabling to deliver fast internet connection through Globe, PLDT, Smart and Philcom telecoms companies,” she noted.
The program launch hosted by Nicole Abas-Datayan and subsequent cocktails were held at the Sky Park, 5th Level SM CDO Downtown Premier after which guests were taken on a tour of the new facility.
The building has seven stories of office spaces with a gross leasable area of 17,549.68 square meters. A typical floor plan has approximately 2,300 square meters (sq.m.) which can be cut to accommodate office spaces, with a minimum space requirement of 50 sq.m.
The ceiling heights for the 5th & 6th floors are 4.8 meters while the 7th to 12th floors are 4. 2 meters, all with a fit out ceiling height of 3 meters. A Fan Coil Unit (FCU) air condition system provides climate control.
The tower is serviced by six high speed passenger elevators, and occupants can cross directly through the SM CDO Downtown Premier Mall through the Sky Garden at the 5th floor.
In a disclosure to the SEC, SM Prime said it terms of office development, it plans to have 10 office buildings with 793,000 square meters of leasable space by 2020, up from seven buildings with 456,000 square meters as of end-2017.
“The Philippines is projected to register one of the fastest economic growth in South East Asia and this will definitely benefit key cities all over the country,” SM Prime President Jeffrey C. Lim said.
“We want to take advantage of the fast growing provincial areas in the Philippines with increasing urbanization and commercialization stemming not only from robust domestic demand but also from increasing investments in the country,” he added/ added.
Previous to this, SM Prime latest addition to its office portfolio were the ThreeE-Com Center, and topping off the FourE-Com Center at the Mall of Asia Complex, Pasay City, last September 28. Designed by globally renowned architectural firm, Arquitectonica, the two new office buildings added 114,000 and 190,000 sq.m. of gross floor area (GFA), respectively, to the company’s fast growing office building footprint.
FourE-Com Center in Block 22, Harbor Drive corner Bay Shore, Mall of Asia Complex, Pasay City, which is slated to be the biggest office building of SM Prime so far. It is a15-storey, three-tower office building offering a typical 3,000 sqm floor plate suited for various companies. It is set to be launched in 2019.
Currently, SM Prime operates 10 office buildings in different key areas in the country including Makati City, Pasay City, Quezon City, Taguig City, Clark in Pampanga, Taytay in Rizal and Sta. Rosa in Laguna. Including ThreeE-Com Center, SM Prime’s office building portfolio has a total GFA of almost 595,000 sqm.
In a disclosure to the SEC earlier this year, SM Prime registered a recurring net income growth of 16% in 2017 to PHP27.6 billion from PHP23.8 billion of prior year. Consolidated revenues grew 14% to PHP90.9 billion in 2017 from PHP79.8 billion in 2016. Overall operating income improved by 15% to PHP40.6 billion in 2017 from PHP35.3 billion the previous year. The growth was driven by increase in rental revenue from malls opened and expanded in 2016 and 2017 supported by strong sales take-up of the housing units.
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