PLDT eyes P5B in property sales, shops for new HQ

 

Telecommunications giant Philippine Long Distance Telephone Co. (PLDT) is looking at raising P5 billion from the sale of several prime properties for a new headquarters. 

 

In an interview with reporters Wednesday, PLDT chairman Manuel V. Pangilinan said they are set to cash in on several real estate properties to raise funds for acquisition of a new property to house the PLDT Group's revenue generating arms. 

 

“We presented to the PLDT Board the rationalization program of the property portfolio of PLDT because we have a number of excess properties that we no longer use for the main telco business. So a number of them were presented to the board for disposal, divestment, or co-development with property developers,” Pangilinan said. 

 

These properties include the company's:

- three-hectare property in Dansalan in Mandaluyong City;

- old traffic office along Espana in Sampaloc in Manila;

- lot in Filinvest Corporate Center in Alabang in Muntinlupa City;

- warehouse of defunct Pilipino Telephone Corp. (Piltel) in Sta. Rosa, Laguna; and

- PLDT Garnet exchange building in Ortigas Center in Pasig City.

 

Pangilinan said they are drawing up a two to three year migration plan for the company’s headquarters in Ramon C. Cojuangco (RCB) Building and the Makati General Office (MGO) in Makati City. 

 

“If this is done, we are able to offer the two buildings which is about a little less than a hectare either for co-development or an outright sale because we really don’t need to be in that place,” Pangilinan said.

 

“The second part of it is how we can integrate the manpower complement of the PLDT group in one headquarters building,” he added, noting that the PLDT Board is now assessing whether to put up a new building or acquire a building that would serve as its new headquarters.

 

Talks are ongoing with the owners of Alphaland Building along Ayala Ave. in Makati City, Pangilinan confirmed. 

 

“Right now they are quite dispersed because the space at Smart Tower is limited,” he said  

 

“It is helpful if the revenue generating units of the Group together with the finance and networks are in one location that is why we are looking at a building like Alphaland because that will enable the PLDT Group to consolidate its main operating units under one wing rather than leasing space from third parties or being dispersed therefore the coordination is much more difficult.” —OMG, GMA News