CEBU-BASED property developer Innoland Development Corp. is investing about P13 billion to fund two projects in Cebu and Makati cities this year.
Of the total capital expenditure, some P7 billion is earmarked for the construction of the three-tower mixed-use complex named Montage, situated in a 1.3-hectare property along Archbishop Reyes Ave. Cebu City.
This project will offer 40,000 square meters (sq.m) of grade A office space, 7,000 sq.m of retail options, and either a residential or hospitality component.
Crystal Chloe Ong-Chua, internal vice president for sales and marketing, said the first two towers of Montage are designed for office spaces for BPOs and KPOs while the third tower is envisioned for residential use. Montage will be developed in three phases.
Innoland will first erect the 28-storey One Montage, an office tower that will have retail spaces at the ground level. It is scheduled for turnover by 2019.
Innoland is also cementing its position in Metro Manila by erecting Altaire, the firm’s first iconic office project in Makati City.
Altaire, a 45-storey building, is a grade A green efficient building designed for office spaces and a stylish retail area.
Touted as the tallest building so far for Innoland, Altaire will have 60,000 sq.m gross leasable area for office space and 1,000 sq.m for retail.
Altaire is scheduled for completion by 2021.
Innoland’s chief operating officer Charles Vincent Ong noted that Altaire will be the company’s fourth office tower in Manila. The other three office towers are located in Alabang.
Ong said the launching of these two projects for the year signify their confidence and optimism in the country’s property sector and the healthy growth in the IT-BPM sector amid the challenges it is facing today.
Source: SunStar Cebu