PAGCOR signs 25-year lease to construct new headquarters in Pasay City
The development comes as Tengco highlights the importance of the regulator having its own space.
Key points:
– PAGCOR has entered into an agreement to build a dedicated office space for its headquarters
– The development is valued at PHP2.5bn ($420m)
– Following the completion of the building, PAGCOR will share the property with San Miguel Infrastructure
The Philippine Amusement and Gaming Corporation (PAGCOR) has signed a 25-year contract with San Miguel Infrastructure (SMC) to lease a property in Pasay City, a coastal area in Manila.
The office building will span over 40,000 sqm and is valued at PHP2.5bn ($420m), which will be split between PHP2bn in construction costs and PHP450m in furnishing it.
Alejandro Tengco, Chairman and CEO of PAGCOR, said: “It will be fully financed and built by SMC at no cost to PAGCOR.
“This project will be more than just a structure. It reflects PAGCOR’s commitment to creating a world-class work environment for its employees; a reflection of our identity, core values and aspirations.”
The lease agreement will also allocate 13 hectares of the 15-hectare property to SMC initiatives.
Tengco continued: “For many years, PAGCOR has operated across various rented locations, with our employees spread out and often working under less-than-ideal conditions.
“While we have always managed to deliver on our mandates, we’ve long dreamed of a day when we could bring everyone together under one roof – a place where we could foster a stronger sense of community, collaboration and shared purpose.
Good to know: The PAGCOR Headquarters is currently located in the Met Live building, an 11-story building in the Bay Area which operates as a retail unit, convention space and office block
“Aside from the rental for the 13-hectare property, PAGCOR also expects additional revenues from renting out unused portions of the new corporate office once it is completed.”
Ramon Ang, Chairman and CEO of SMC, said: “Our goal is to maximise the potential of this property for the public’s benefit. The new PAGCOR headquarters will be a key part of this plan, providing a modern space to support their crucial role in funding government programs that uplift the lives of many Filipinos.”
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