• Net Group to build P1-billion tower next year

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    Boutique information technology office developer the Net Group is poised to start building its new development outside Bonifacio Global City (BGC) next year, with an estimated investment cost of P1 billion.

    Also, Net Park, the firm’s seventh office building with full retail ground component that will rise in BGC in Taguig City, is expected to be ripe for turnover in the middle of 2015.

    Charlie Rufin, Net Group president and director, said that the company is looking to establish its next office building “in a year’s time,” specifying that it normally takes two years to complete one project.

    “[The project will be] just outside of BGC, next to transportation,” he said.

    “We’re already looking at areas for transport-oriented development. We think if you want to put big buildings, you should follow the trend in the United States, you put it in transit stations. That’s our guide,” Rufino added.

    According to him, the project will be a “30-story maximum, [with]about P1-billion investment.”

    “We’re looking for lots of around 4,000 to 6,000 square meters. The one we are building on now is 6,000 square meters [sqm]. We want to have a minimum floor of 2,000 to 3,000 sqm so we need 4,000 to 5,000 square meters property,” he specified.

    Meanwhile, Rufino mentioned that the lot it acquired in BGC is fully used up with the upcoming turnover of Net Park.

    “We’re building now the Net Park. Hopefully we’ll turnover middle of 2015,” he said, adding the company is set to forge a deal with its first tenant soon that is a “big multinational.”

    As of now, the Net Group, a joint venture between Rufino and the Dupasquier family, has a total more than 145,000 square meters of gross leasing area (GLA) in its portfolio.

    The existing projects of the company are the Net One Center, Net Square, Net Cube, Net Quad and Net Plaza, and the 28-storey Net Lima, which offers an additional 55,000 square meters of GLA.

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