Key points
- Executives from PAGCOR and SMC broke ground at the new centre location
- The building will serve as a central hub for PAGCOR
- The project is funded by the SMC who will also rent extra space in the building
Top executives from the Philippine Amusement and Gaming Corporation (PAGCOR) and San Miguel Corporation (SMC) broke ground today at the new PAGCOR corporate centre.
The new office building will be located at the Nayong Pilipino Complex in Pasay City.
For the past four decades, PAGCOR workers have been spread out across different rented locations, making it difficult to streamline work and resources.
Alejandro Tengco, PAGCOR CEO, said: “We are truly blessed to witness this historic moment as we lay the groundwork for a vision that reflects our identity, core values and aspirations as an organisation.”
The corporate centre will have a floor area of 40,000 square metres, with an additional 15,000 square metres available.
Tengco continued: “Since PAGCOR will not occupy all 40,000 square meters, we plan to lease some of the commercial spaces to generate rental income. These rental earnings should be enough to cover the building’s maintenance costs.”
The building will come at no cost to PAGCOR, as the PHP 2.45bn ($420m) project is entirely funded by SMC.
The 25-year lease for this site was signed in mid-December last year.
Good to know: The new PAGCOR corporate centre was designed by JSLA architectural design firm and will be built by New Golden City Builders
Tengo concluded: “This is a mutually beneficial partnership between PAGCOR and SMC. While SMC will construct the Corporate Center, we will also use PAGCOR’s Nayong Pilipino property to build infrastructure that will complement airport requirements.”
Alongside the construction, SMC will also pay monthly rental amounts for parts of the property for aviation-related projects.
