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SM Investments starts work on P1.5-B e-commerce building
Posted: 3:14 AM | Mar. 09, 2006
XFN-Asia
PUBLICLY listed SM Investments Corp., a holding company of mall magnate Henry Sy, broke ground Wednesday for a 10-floor building costing 1.5 billion pesos that will house business process outsourcing and call center operations.
It said the OneE-comCenter, beside the SM Mall of Asia in a reclaimed area at
It said the building was scheduled for completion in July 2007.
"We expect to get a good share of the premium office market because of the building's prime location," SM Investments executive vice president Josefino Lucas said. "By tapping the grade-A market, we hope to generate a fairly steady stream of income for SM Investments in the future."
Lucas said SM Investments had asked the Philippine Economic Zone Authority to accredit the e-commerce building as an economic zone so that companies that would locate at OneE-comCenter would be entitled to investment incentives, such as a four- or six-year income tax holiday and duty-free importation of equipment. With INQ7.net
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