The Philippine Economic Zone Authority (PEZA) will embark on a P3.8-billion property development in its Pasay City property.
Charito Plaza, PEZA director-general said the agency will soon sign with the Land Bank of the Philippines an agreement for a lease-to-own arrangement for the construction of a 13-storey building which will become its new headquarters.
The bank will finance the P800 million cost to construct the building.
The second building, which would require P2 billion to P3 billion, will be a 33-storey multipurpose building for business process outsourcing and other commercial offices.
The PEZA headquarters will be finished in three to four years.
Plaza said PEZA has received proposals as joint venture partner for the taller building which she said will be iconic in design and will have green features.
The total land area of the PEZA property is 5,000 square meters (sq.m). The building will have a total gross floor area of 14,000 sq.m.
