DOUBLEDRAGON SCALES NEW HEIGHTS WITH JOLLIBEE SKYSCRAPER
DoubleDragon Properties Corp. expects to generate more revenues following the completion of its eighth office building, Jollibee Tower in Ortigas Center. The 41-storey commercial and office tower offers up to 59,365 sqm of leasable space and will have fast-food giant Jollibee as its anchor tenant. The tower also boasts of its double-glazed curtain walls that promote energy efficiency.
Colliers sees Ortigas Center accounting for 20% of new office supply from 2019 to 2021 as the new buildings should offer about 647,000 sq m of leasable office space. Furthermore, demand in Ortigas Center remains diversified as outsourcing, insurance, engineering and consultancy services have recently taken up spaces. Colliers sees demand from these sectors being complemented by take-up from flexible workspace operators. Jollibee Tower is pre-certified for Leadership in Energy and Environmental Design (LEED) Gold, thus responding to occupants’ demand for high-quality buildings in Ortigas Center. We see more flight-to-quality movements especially with the continued influx and expansion of discerning tenants such as knowledge process outsourcing (KPO) firm.
NESTLE OPENS NEW P2.8-B FACTORY IN BATANGAS
Nestle recently inaugurated its “ready-to-drink” facility in Tanauan, Batangas amounting to 2.8 billion pesos, their fifth production facility in the country. The company has mentioned that it currently produces its chocolate drink Chuckie, and soon will produce all-purpose cream products. Furthermore, the 14,688 square meter plant had generated over 2,000 jobs during the construction while 80 are currently employed at the factory. Nestle targets a double digit growth in 2019 as local production and manufacturing are some of the emerging growth drivers to the country’s economic output.
The construction of Nestle’s facility should allow the company to prioritize local manufacturing. Furthermore, the new facility is likely to benefit the economy of Batangas in terms of additional taxes as well as direct and indirect employment generation. Local manufacturers continue to expand or gravitate towards Southern Luzon due to the region’s skilled manpower and relatively lower wages compared to other industrial hubs in Southeast Asia. Over the medium to long term, these should entice more manufacturers to locate within Southern Luzon’s industrial hubs, resulting in greater industrial space and warehouse absorption in the region.
NEW GREENHILLS MALL COMING IN 2021
Property developer Ortigas & Company has unveiled its P6.3 billion Greenhills mall redevelopment project in San Juan City. Ortigas & Company president Jaime Ysmael said that customers and tenants should soon be able to enjoy a redefined shopping experience from the shops and concepts the company has to offer. The 100,000 sq m mall will feature over 2,000 of its trademark tiangge stalls, 150 retail outlets and 140 food and beverage (F&B) stores. Target completion of the renovated Greenhills mall is in 2021.
The redevelopment and expansion of malls in Metro Manila is an important step in retaining consumer traffic. Apart from the Greenhills mall’s expansion in 2021, Colliers also sees the expansion and redevelopment of more malls across Metro Manila. The retail destinations have been housing lifestyle-centric and experiential retailers to sustain footfall and attract younger consumers.