SM Keppel Land Inc. (SMKL), a unit of listed property firm Keppel Philippines Properties Inc., said it has set a budget of $235 million, or about P11.86 billion, for the expansion of The Podium complex in the Ortigas central business district.
In a statement, Keppel said the expansion project will be done in two phases. The first phase, to be completed in 2016, will have five levels of basement for parking and six levels of retail area. The second phase, to be completed in 2019, involves the construction of a 42-story office tower.
“The retail expansion will add over 34,000 square meters (sqm) of retail space to The Podium, bringing the total leasable space to over 50,000 sqm when the retail expansion is completed in 2016,” the company said.
“To be completed in 2019, the new office tower will offer a net leasable area of over 89,000 sqm of premium grade office space and will be located above the expanded retail mall,” it added.
At present, The Podium is a five-story retail mall in the Ortigas business district.
SMKL is a company formed through the joint venture of Keppel and Banco de Oro Unibank Inc.
Incorporated in 1918, Keppel is a property firm that builds residential, office and commercial establishments. Its properties include The Podium and Palmdale Heights, a residential cum commercial development located in Pasig City. Keppel has two subsidiaries: CSRI Investment Corp. and Buena Homes Inc.