Eton Properties Philippines Inc. is bullish on the office leasing sector as Philippine Offshore Gaming Operators are slowly re-establishing presence in the country.
Eton Properties said in a statement Wednesday it started seeing an increase in demand for office space from the POGO sector in the second half.
The property firm said it finalized a deal with one of the biggest POGO companies from Southeast Asia to lease over 6,000 square meters of office space in eWestPod building inside the mixed-use development Eton WestEnd Square near the Makati central business district.
“With the perceived stability and confidence of a new administration and the market starting to normalize, Eton Properties gradually felt an increase in the demand for leasing spaces this second half of the year,” said Eton Properties executive director Kyle Tan.
“One of the primary effects we see is the confidence of POGOs to return to the Philippines. These operators are not just from China, but within our neighboring countries in Southeast Asia as well,” Tan said.
Tan said the re-entry of POGOs would have a positive effect on the company’s other real estate businesses as some of POGO employees were looking for residential units and commercial spaces.
China’s heightened crackdown on online gambling and imposition of new taxes drove POGOs away from the Philippines in 2020. From a peak of 1.7 million sq. m. of footprint, at least 500,000 sq. m. of office space were vacated by POGOs.
Tan said aside from POGOs, there is also a healthy demand for office space from various sectors.
Eton Properties signed a three-year contract with a construction firm for lease of more than 1,000 sq. m of space in August.
The eWestPod office building has four floors of spacious offices well-suited for multinational companies, local corporate headquarters or global support servicing. It also has direct access to the complete range of amenities and close to the modern conveniences of the Makati CBD.
It is also near the major thoroughfares of Ayala and Buendia Avenues and major commercial centers.
Eton Properties is the real estate brand of the Lucio Tan Group, one of the biggest conglomerates in the Philippines.