| PROPERTY giant Megaworld Corp. has stepped up the construction of its business process outsourcing (BPO) building, the P2-billion Two World Square, inside the 14-hectare McKinley Cyberpark to catch the pickup in demand for BPO spaces after the location was declared an information technology (IT) economic zone by the government.
First vice president Jericho Go said that construction of the 15-story Two World Square will likely be completed by September 2008.
Go said the foundations of the project have been finished late last month and development is now at the fourth level. Two world square is a follow-up to the soon-to-be completed One World Square.
The P2-billion project will have 1,500 square meters of prime office spaces that can be extended to as much as 3,000 square meters.
It will have round-the-clock facilities, 100-percent back-up power, high ceiling and scalable floor plate ideal for BPO operations.
It will be connected to the planned 1,000-slot parking building and to the future Three World Square, which will offer another 25,000 square meters of office space.
Megaworld, a leading BPO and residential condominium developer in the country, has committed to construct two BPO buildings in the 14-hectare McKinley Hill Cyberpark each year in the run up to 2014.
The McKinley Hill Cyberpark, aside from being just a few minutes away from the Ortigas Center and the Makati central business district, is part of the strategically planned McKinley Hill integrated township project of Megaworld.
"The well-designed master plan of McKinley Hill allows the sound spacing of the office buildings, retail areas and residential communities making up the 50-hectare integrated community in Fort Bonifacio, Taguig City. This helped attract strong interest for One World Square, with locators set to move in this third quarter," Go said.
He added that the first building is practically leased out.
Malacañang recently issued Presidential Proclamation 1269 declaring McKinley Hill Cyberpark as an IT park. Megaworld received the Philippine Economic Zone Authority (Peza) declaration for McKinley Hill Cyberpark last April 23.
With this, locators in McKinley Hill Cyberpark will automatically enjoy incentives like income tax holidays of up to eight years. After eight years companies pay only a 5-percent tax on gross income in lieu of national and local taxes and licenses. Companies are also exempted from duties and taxes on capital equipment, while foreign investors are given permanent residence status and foreign nationals are easily employed and earnings from investments okayed for repatriation.
"We are ready to support the rapid growth of the BPO industry by providing its requirement for IT buildings with topnotch facilities to go with a cache of government incentives readily available for the locators," Go added.
Megaworld is allocating P12 billion for the construction of BPO offices, P3 billion to develop the retail and mall aspect and P18 billion for the residential component of McKinley Hill.
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