Cebu IT Park continues its expansion projects to sustain Cebu’s booming business process outsourcing (BPO) industry.
They expect more available space come 2016 upon completion of two office buildings, four residential buildings and a mixed-use building, said Francis O. Monera, Cebu Property Ventures and Development Corporation (CPVDC) president, yesterday in a statement.
These projects will give IT Park 100,000 square meters of gross floor area in the next two years.
“This will add to the Cebu I.T. Park’s existing buildings, which total almost 250,000 square meters. Because of the booming IT industry, growth in terms of building space has grown significantly, with build-up in the last five years almost doubling that of what had been put up in the first 10 years of the park.”
The Cebu IT Park was recently given a Special Citation by the Cebu Chamber of Commerce and Industry for being at the forefront of Cebu’s economic growth contributing and sustaining an ambiance of a thriving business community during the 2014 Grand Chamber Awards held last month.
Monera said the next two to three years will be promising for the company as it is expected to embark on more projects that will help shape and cement Cebu’s image as a top destination for IT and outsourcing companies.
He cited the firm’s plan to increase its leasing portfolio through the redevelopment of the two-hectare superblock in the IT Park, which is expected to start this year as one of those projects.
“This project will include a regional mall, office buildings and a hotel further enhancing Cebu IT Park’s integrated components and strengthening its place as a prime investment and the preferred BPO destination,” Monera said.
The CPVDC started as a joint venture between the Cebu Provincial government and Ayala Land, Inc. in 1990 to develop the Cebu IT Park, then known as Asiatown IT Park. It was envisioned to become a major economic driver for Cebu.
Presently, the Cebu IT Park is home to over a hundred IT companies and related services covering over 70 percent of Cebu’s BPO industry which includes companies like JP Morgan Chase and Co., NCR Philippines, Accenture, and Teletech.