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Friday, March 29, 2024

POPI unit invests P1 billion in Laguna warehouse

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Laguna Technopark Inc., a joint venture between Prime Orion Philippines Inc. and Mitsubishi Corp., has earmarked P1 billion to build a logistics and warehouse facility in Binan City, Laguna province.

POPI in a disclosure to the stock exchange LTI launched its latest standard building facility aimed at accommodating small and medium businesses, as well as clients with growing warehousing and storage needs.

The new facility will have 40 units measuring 1,200 to 1,500 square meters each, and a total leasable area of 60,000 sqm when completed by October 2020.

Located within the 11-hectare Laguna Technopark, the facility will be LTI’s biggest investment so far. It will also be dedicated to serving non-Peza (Philippine Economic Zone Authority) locators.

The building will be available for lease to interested parties in May 2019.

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LTI is a prime developer of industrial parks in the Philippines. It owns and manages the 460-hectare Laguna Technopark, which spans portions of the cities of Santa Rosa and Biñan in the province and the 118-hectare Cavite Technopark in the municipality of Naic, Cavite.

Located in the Calabarzon area, LTI’s industrial parks have served as preferred locations of local and foreign manufacturing, processing logistics and distribution companies in the Philippines.

To boost the logistics business, POPI maximized the value of its 14-hectare Lepanto property in Calamba, Laguna by shifting Lepanto Ceramics’ focus from tile manufacturing to real estate warehouse operations.  

The company upgraded the common areas of its Lepanto Industrial Complex, initiated a phased rehabilitation program, and converted formerly non-leasable areas into leasable spaces.

POPI also plans to launch a 100-hectare industrial park in Cagayan de Oro and acquire at least another 100-hectare property in Central Luzon to be developed as an industrial park.

Share price of POPI on Wednesday closed declined 3.7 percent to P2.36.

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