SINGAPORE - Keppel Land is increasing its presence in the Philippines as it embarks on a $336 million expansion of an existing project in Manila.
The company said it will jointly develop a new 42-storey office tower and extend the five-storey retail space at the SM-KL mixed-use development located at Ortigas central business district.
This is the second phase of the project, which is jointly developed by its unit, Keppel Philippine Properties, and Banco de Oro, the banking arm of Philippine retailer SM Group.
Keppel Philippine Properties holds a 40 per cent stake in the project.
The new office tower under the second phase of construction is expected to be completed by 2019, offering a net leasable area of over 89,000 square metres of premium grade office space.
The office tower is built above the retail mall, which will have an extra 34,000 square metres of retail space, bringing the total net leasable retail space to 50,000 square metres when the expansion is completed in 2016.
Under the first phase of the project, a 42-storey office tower to be completed in 2015 is also being built above the retail space.
Mr Linson Lim, President for Vietnam and the Philippines at Keppel Land, said in a statement: "The Philippines remains an attractive destination for foreign direct investments.
"We are confident that when the development is fully completed, it will meet the demand for business process outsourcing (BPO) space and prime offices for multinational corporations in Manila."