Property developer Primex Corp. broke ground on a P3.6-billion office tower project at the Greenhills commercial district in San Juan City.
Primex said in a disclosure to the stock exchange the 50-storey Primex Tower, rising on a 1,944 square-meter corner lot bounded by Edsa, Connecticut Street, and Florida St., would have 41,000 square meters of leasable space.
Set to be the highest building in the city when completed over the next four to five years, Primex Tower will have 37 floors of office space and 12 floors of above-ground and basement parking.
“With the project, the company is looking to take advantage of increasing demand in the office and hotel sectors,” Primex chairman and president Ernesto Ang said.
Citing recent study by Colliers International Philippines that estimated an average increase of 10 percent a year in rents across submarkets despite an increasing vacancy, Ang expects demand for office space to remain robust.
“The growth in the sector will be quietly led by knowledge process outsourcers,” he said.
Primex Tower will be designed and developed using Leadership in Energy and Environmental Design standards.
The tower’s office spaces are designed in quadrants and are enveloped with curtain glass to allow natural light to enter into the workspace, while maximizing the view of adjacent golf courses—the Wack-Wack golf course in the south and the Camp Aguinaldo golf course in the north.
The building envelope will use 90 percent double-glazed glass, with vacuum in-between which reduces heat gain and noise penetration. It will also recycle wastewater through a sewage treatment plant for use in vegetation irrigation and flushing of water closets.
Meanwhile, Primex executive vice president Karlvin Ang said the company was receiving offers from other leading local and foreign developers to jointly develop the rest of the company extensive land bank.
“These locations—in Malabon, Mandaluyong, Quezon City, and San Juan in Metro Manila and surrounding areas like Tagaytay—are showing equally exciting growth potential,” he said.
Primex recently completed The Stratosphere, a 31-storey residential condominium at the heart of Salcedo Village in the Makati Central Business District.