Property developer Filinvest Land Inc. has launched a new mid-rise mixed-use development in Quezon City, composed of a residential tower and an office tower that will cater to the burgeoning Business Process Outsourcing (BPO) industry or the young millenial workforce.
Named “Studio 7,” the mixed-use development is at the corner of EDSA and Timog Avenue, and is estimated to generate sales of around P1.2 billion for its residential component alone.
Studio 7 includes an 18-storey BPO tower with three levels of retail spaces and a 17-storey residential tower with 459 studio-type and one-bedroom units that range from 18 to 23 square meters. Unit prices range from P2.43 million to P4 million.
Filinvest said the BPO tower offers tenants a total of around 36,000 square meters of prime office space that can accommodate a workforce of around 14,400 employees.
Also to be put up on the first three floors of the office tower is a commercial center that will feature coffee shops, restaurants, bistros and supermarkets to cater to the needs of the office tower tenants as well as those who live in the residential tower.
Some of the special features of the residential tower are a lap pool and an outdoor area for fitness boot camp, a mezzanine lounge, a sky garden at the roof deck, and a yoga deck at the podium garden. It will also feature the sky lounge that offers a juice bar at the roof deck, a multi-purpose ballroom and function rooms.
“The millennials are a large market to tap,” said Mai Yang, Filinvest Land assistant vice president for high-rise buildings. “We feel that in the next 10 years, millennials will be our investors for our developments.”
Yang said Filinvest chose to locate the project in Quezon City, since it is emerging to become a business district.
“We feel that Quezon City is actually a good place for the northern-based people,” said Yang. “It’s a really good investment point for investors because there’s already an emerging central business district in Quezon City.”
Yang said construction for the project would begin before the yearend, and project completion would be around 2019 for the residential tower.
She said the BPO tower and retail area would come up earlier.