By James A. Loyola
Laguna Technopark, Inc (LTI), a partnership between Prime Orion Philippines, Inc. and Mitsubishi Corporation, is spending P1 billion for the construction of logistics buildings and warehouse facilities.
In a disclosure to the Philippine Stock Exchange, POPI said LTI has launched its latest Standard Factory Building (SFB) in Brgy. Loma, Biñan City, Laguna.
This new SFB aims to accommodate small and medium businesses from both the global and local market, as well as clients with growing warehousing and storage needs.
With about 40 units measuring 1,200 to 1,500 square meters each, the total leasable area will reach over 60,000 square meters when it is completed in October 2020.
Located within the 11-hectare Laguna Technopark, the development will be the biggest investment of LTI. It will also be the first facility dedicated to servicing non-PEZA locators.
The SFB will be available for lease in May 2019.
POPI, a subsidiary of Ayala Land, Inc. (ALI), more than doubled its net income to P190 million in the first nine months of 2018 from the P85 million earned in the same period last year, following the consolidation of LTI, ALI’s industrial park and real estate logistics business.
POPI posted revenues of P1.9 billion on account of lot sales in Cavite Technopark in Naic, Cavite, which generated revenues of P282 million.
The rental revenues from commercial properties and warehouse facilities reached P579 million, 68 percent higher compared to last year’s P345 million.
Growth in revenue was due to the contributions of the warehouse facilities in Laguna Technopark, Cavite Technopark and Laguna.
In addition, Tutuban Center’s rental revenue registered at P365 million, with double digit growth at 18 percent compared to same period last year.
“Prime Orion’s positive financial results for the first nine months is consistent with the Group’s strategy to transition into a highly-diversified company with a balanced portfolio focused on industrial park development and warehouse and commercial leasing,” said POPI President and CEO Maria Rowena Tomeldan.