Philippine gaming regulator PAGCOR will soon have built a new 40,000 square meter corporate office building in Pasay City – not far from Manila’s Ninoy Aquino International Airport and the Entertainment City precinct – under a 25-year lease deal signed with San Miguel Infrastructure (SMC) for its Nayong Pilipino property.
The deal will see SMC lease all 15-hectares of the PAGCOR land in question, with SMC to utilize 13 hectares for its own purposes but also develop the new PAGCOR office on a two-hectare portion of the property, according to information released Monday.
The office building will span 40,000 square meters with an additional 15,000 square meters for fit-out space, and is valued at Php2.45 billion (US$42 million). PAGCOR said the building will be fully financed and developed by SMC at no cost to the regulator.
“This project will be more than just a structure,” explained PAGCOR Chairman and CEO Alejandro Tengco. “It reflects PAGCOR’s commitment to creating a world-class work environment for its employees; a reflection of our identity, core values and aspirations.
“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.”
PAGCOR will also receive additional revenues from renting out unused portions of the new corporate office once it is completed, Tengco added,
Development of the new corporate office will commence “promptly” according to SMC Chairman and CEO Ramon S. Ang following formal approval of the design.
“Our goal is to maximize the potential of this property for the public’s benefit,” said Ang. “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.”
The new lease agreement also includes 13 hectares of the property for SMC’s initiatives, which will mostly include infrastructure to complement airport requirements, the company said. SMC is lead of the consortium awarded earlier this year a 15-year contract to manage and revamp Manila’s Ninoy Aquino International Airport.
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