Tall & Urban News

Property developer JEG Development Corp. is investing in a 22-story building, JEG Tower @ One Acacia, in Cebu City. The flagship building plans to accommodate players in the business process outsourcing (BPO) industry.

Chief operating officer Marko Sarmiento said the company is set to spend some PHP40,000 (US$767) per square meter or more on the development of its tower. With a total of 26,000 square meters of gross leasable area (GLA), this is equivalent to a total development cost over PHP1 billion (US$19 million).

The company is banking on the JEG Tower, a LEED-certified green building, to translate into savings in administrative expenses.

“We believe that starting with the JEG Tower @ One Acacia, we can reduce operating costs through its efficient resource management. It would also result in increased worker productivity and an overall positive impact on the health and well-being of our prospective occupants,” Sarmiento said.

The building is expected to be completed by the first quarter of 2020, with topping off in taking place in October, 2019.

Prospective tenants have already made commitments, but the processing of lease agreements will come once the construction has been completed and spaces are ready to accommodate players in the business process outsourcing (BPO) industry.

“We’re at the finishing stage already. It will be BPO-ready. Initially, we wanted corporate offices, KPOs (knowledge process outsourcing), but it is BPO-ready. It’s built for BPOs,” Sarmiento noted.

The company is in the process of securing accreditation from the Philippine Economic Zone Authority (PEZA) for tax incentives. “It’s ongoing, PEZA registration is ongoing. We will be getting ready.”

“We are invested in Cebu’s future and we want to contribute to that growth and grow along with it,” Sarmiento said.

For more on this story go to GMA News.