Primex builds P3.6B office tower in San Juan
Listed property developer Primex Corp. is spending P3.6 billion for the construction of a 50-storey office tower at the booming Greenhills commercial district.
Envisioned to be the tallest building in San Juan, Primex Tower will bring to the market 41,000 square meters of total leasable office space, ranging from 200- 300 sqm in size. It is located on a 1,944 square meter corner lot bounded by Edsa, Connecticut st. and Florida st.
Construction of the project is expected to take four to five years.
Prime chairman and president Ernesto O. Ang said the company was “looking to take advantage of increasing demand in the office and hotel sectors?, citing a recent study by Colliers International Philippines that 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 (KPO),? he added.
He said despite the increase in supply, Primex Tower and other similar projects would be attractive as demand shifts from the old structures to the new higher quality buildings.