SM Prime Holdings Inc., the Philippines’ leading integrated property company, has expanded its office portfolio with the opening of Strata Tower in Iloilo City.
SM Prime said in a statement Strata Tower, located across SM City Iloilo mall, would have 23,000 square meters of leasable space.
SM Prime said the newly-opened office tower aimed to establish the company’s business process outsourcing and office presence within the city and neighboring towns.
The 13-story Strata Tower is conveniently located along Iloilo City’s main highway and transport backbone, Benigno Aquino Jr. Avenue. It is accessible through a second floor covered bridge way across SM City Iloilo Mall, providing ease of public transportation for employees 24/7.
SM Prime, through its unit commercial property development and management arm SM Offices, has been aggressively expanding its office portfolio by building office towers near its malls in Metro Manila as well as in the provinces.
SM Offices offers 35 operational office properties with a combined gross floor area of 642,000 sq. m. in 20 strategic locations across the Philippines.
SM Prime this year will launch NU Tower with 41,000 sq m of GFA. The three-tower FourE-Com Center, meanwhile, will be launched in 2020 with 192,000 sq. m. of GFA. Both office projects are located in Mall of Asia Complex, Pasay City.
SM Prime’s office group delivered P1.1 billion in revenues and P900 million in operating income in the first quarter of the 2019.
SM Prime in September launched the Three E-Com Center with a total gross floor area of 115,000 sq. m., which is now 100 percent leased out.
The property developer in October also launched SM CDO Downtown Tower in Cagayan De Oro City.
SM Prime as of end March 2019 had an available land bank of 74 hectares for future office projects.