Sunland Development Corporation (SDC) has announced ambitious expansion plans after seeing a notable increase in demand for its properties. The developer specializes in commercial, offices and warehouse projects with its focus on the Metro Manila, Cavite, Bulacan and Laguna areas.
SDC recently started work on a new office warehouse project in Quiapo that will have a leasable area of 34,000 square meters. The development allows the firm to tap into strong demand for its properties while also being suited to the evolving needs of the market.
“As businesses grow in the Philippines, we realized we want to build more commercial, offices, and warehouses to serve clients and mid to high-scale businesses,” SDC President Richard Lim was quoted as saying by BusinessWorld. “The growth of e-commerce is one of the reasons behind the property expansion. Hence, the concept of building offices with warehouse spaces.”
Related: Data Centers May Be The Philippine Real Estate Industry’s Next Big Growth Area
Office demand doubles in the second quarter
In another sign things have returned to normal, office demand in Metro Manila doubled in the second quarter as more firms require additional capacity to accommodate in-person work. According to Leechiu Property Consultants, office space transactions during the first six months of 2022 are nearing what was seen in the entirety of 2021.
“The office segment remains resilient. We have a healthy pipeline of live transactions of 451,000 square meters,” Leechiu Property Consultants Director for Commercial Leasing, Mikail C. Barranda, state during a digital event. ““As the economy opens up, we are confident that transactions especially in the office sector will pick up, driven by firms that will use outsourcing in tough times.”
Speaking of the business process outsourcing (BPO) industry, it was a key driver of the office demand increase. Firms in this space made up 42 percent of all transactions to start the year.