PLDT Inc. said it plans to tap the property unit of Japan’s NTT to redevelop its two buildings in Makati City as the telecom company prepares to transfer its headquarters to the southern part of Metro Manila.
“I think we are leaning towards NTT. [It] has a real estate arm which is one of the biggest, as I understand, at least in Japan. They have global properties, it turns out. They’re quite large. So, we said we will give priority to NTT Real Estate. But they need a local partner to develop. So, hopefully, we could do that next year,” PLDT chairman and president Manuel Pangilinan said.
“Our only condition is we keep x number of floors. We don’t know how many yet. It depends on the plan on redevelopment. Number two, we want to have, I think, developers are probably looking at developing two towers. So, we want to have naming rights, to keep PLDT naming rights to one of the towers. That’s our condition. So, we will pay for the floors that we will keep. Then, the rest, can be for the redeveloper or financiers,” Pangilinan said.
Pangilinan was referring to Ramon Cojuangco Building and Makati General Office at the corner of Makati Ave. and Ayala Ave.
Pangilinan also said PLDT was still looking at a property south of Manila for the company’s new headquarters.
“There seems to be opportunities along the bay. I prefer to be near the bay, because I used to work in Hong Kong where the water is in view. In fact, I think business districts should have moved along Roxas [Boulevard]. I don’t know why we’re here in Makati. We cannot see any water,” Pangilinan said.
The new headquarters would be similar to those built by Google and Facebook in the US.
PLDT earlier said net income rose 38 percent to P21.87 billion in the first nine months of 2017, helped by proceeds from the sale of its shares in Beacon Electric Asset Holdings Inc. and SPi Global Holdings Inc.
PLDT’s consolidated revenues dropped 5 percent in the nine-month period to P119.07 billion from P125.37 billion. In terms of business units, PLDT Home revenues grew 12 percent to P24.3 billion, while enterprise business posted an 11-percent increase to P25.3 billion.
The wireless individual business saw service revenues decline 14 percent to P44.2 billion.
Home and enterprise now account for 47 percent of PLDT revenues, surpassing the 41-percent contribution of the wireless individual business.