There has been a massive increase in prime office development in the Philippines. Numerous local developers establish such projects and target more foreign buyers in an aggressive manner. Truth be told, developers frequently hire in-house salespeople to bypass real estate agents. This is because they have effective connections with property lawyers and banks, and they may provide help through financing.
With this in mind, it is essential to obtain good knowledge regarding local office developers before purchasing a property off-plan. It is also best to conduct enough research regarding the country’s top developers. Thus, here are the five largest office developers in the Philippines, ranked in terms of total gross leasable area.
1. Megaworld Corporation
Gross Leasable area: 1.3 million square meters
Megaworld Corporation, with its head office located in Taguig City, is the largest residential and office developer in the Philippines, with an estimated 1.3 million square meters of gross leasable space by the end of 2019. It was founded in 1994 and it also owns Global-Estate Resorts Inc., one of its subsidiaries that concentrates more on the development of resorts and hotels.
Megaworld was the recipient of the Best Developer Award for three years from 2015 to 2017, and was one of the nominees in 25 categories for the Annual PropertyGuru Philippines Property Awards. World Commerce Plaza in Uptown Bonifacio was also hailed as Best Office Development by the same awarding body in 2018. The company has completed over 250 residential and commercial projects such as condominiums, offices, and houses. Among its completed projects are Eastwood City in Quezon City, Davao Finance Center in Davao City, McKinley Hill in Fort Bonifacio, Petron Megaplaza and World Trade Center in Makati, and the Alliance Global Tower in Uptown Bonifacio.
Even before these successful ventures, Megaworld is considered as the pioneer of mixed-use development of real estate through community townships that combine the demands of BPO companies with the live-work-play concept. Megaworld has been expected to spend about PHP 60 billion on new projects in the next few years, which may include some office towers and townships.
2. Ayala Land, Inc.
Gross leasable area: 1.11 million square meters
Ayala Land, Inc. is considered to be one of the largest realestate developers in the country with 1.11 million sqm of gross leasable area for office leasing. Its main office is located in one of the most popular business districts in NCR—Makati. Ayala Land Inc. has been a real estate department of Ayala Corporation since 1988 and has also been involved in the establishment and management of resorts, hotels, shopping centers, and land bank management.
As compared to other property divisions, Ayala Land Businesscapes, which is the company’s office development branch, has kept a low profile despite the fact that it possessed a 19% increase in revenue in 2012 from the office leasing operations of the company. It has about 12 completed projects since 2013, and it is gradually but surely establishing office buildings catering to the current demands of BPO and IT companies. A few of these projects include UP-Ayala Land Technohub (Commonwealth Avenue, Quezon City), Solaris One (Makati), One EvotechNuvali (Laguna), and VertexOne (Manila).
3. SM Prime Holdings, Inc.
Gross leasable area: 793,000 square meters by 2020
With an annual income of PHP 20 billion, SM Prime Holdings Inc. is also one of the largest property developers in the country in terms of yearly revenue. Founded in 1958, they place greater emphasis on the management and development of shopping malls located internationally and locally, including areas in the Pacific Islands and China. It also has its respective subsidiary for residential development, SMDC, which has been ranked as one of the best condominium developers.
For the strengthening of its large commercial division, the Commercial Properties Group of SM Land has been establishing office buildings in major cities in NCR. Within its Mall of Asia complex, it has also completed two of the four E-com buildings, having a capacity of about 70,000 square meters. One of the completed premier office buildings, Two E-com, was awarded in 2013 as Best Office Development in the Philippines during the 2012 Asia Pacific Property Awards. SM Prime Holdings, Inc. aims to reach 793,000 square meters gross floor area by 2020.
4. Robinsons Land Corporation
Gross leasable area: 523,000 square meters
Robinsons Land Corp. has been recognized as one of the most effective real estate companies in Asia according to a 2012 real estate survey involving 130 leading equity analysts from leading investment houses in the Asia-Pacific region. As for transparency in strategy, management accessibility, and investor relations, it has been one of the top 207 companies nominated for this survey. This is because of its excellent performance in the 2013 Philippine Stock Exchange index, property portfolio, and Php 10.56 billion in revenue during the first quarter of 2012.
In terms of office development, the buildings of Robinsons Land Corporation have constantly dominated the Ortigas Business District. Aside from the Galleria Corporate Center and Robinsons Equitable Tower, the company has expanded its available office areas given the completion of the Cyberspace Alpha and Cyberspace Beta. The two-office complex consists of a blended gross floor area of approximately 80,000 square meters and column-free spaces most appropriate for BPO companies. Robinsons Land’s Offices division has a total leasable space of around 523,000 sqm.
5. Eton Properties Philippines Inc.
Gross leasable area: 300,000 square meters by 2020
Eton Properties Philippines Inc. is considered to be the youngest among the list of top office developer awardees of the Hong Kong-based Business Continuity Institute (BCI) Asia Inc. Despite the fact that it is one of the amateurs in the real estate development industry, the company itself has existed since 1971.
Same as other office property developers, the office and commercial portfolio of Eton has essentially focused on BPO and IT companies. One of the major differences is its location. Given the launch of Eton Centris, a 12-hectare commercial area that utilized mixed-use development, Eton Properties has become a leader in the establishment of the budding business district in the Quezon City area. Eton Centris–which is made up of seven buildings such as Centris Walk, Centris Station, Cyberpod Centris, a businessman’s hotel, elegant residential condominiums, and a specialty retail block–has long been considered as a “city within a city.” Located in Ortigas Avenue, the Eton Cyberpod Corinthian is described as a low-rise campus-style office area accommodating commercial establishments, technical support companies, and BPO firms. Eton Properties aims to reach 300,000 sqm gross leasable area by 2020.
This article was first published in lamudi.com.ph on September 20, 2019