Araneta Group unveils P20-B masterplan for Cyberpark Complex in Cubao

The Araneta Group on Wednesday unveiled a P20-billion plan to develop its 500,000-square-meter "green initiative" Araneta Center Cyberpark Complex in Cubao, Quezon City.

In an interview with reporters, Ma. Lorna Datiles-Fabian, executive director for office leasing at Araneta Center Inc., said the development plan covers the establishment of five Cyberpark Towers which will be similar in structure: 27 levels of office spaces, three levels for parking, and two floors of retail spaces at ground level.

Located on the company's 8-hectare land, the first two towers of the complex are now accepting lessors, mostly business process outsourcing (BPO) firms such as Sterling, Genesys, 24/7 In Touch, and Alorica.

According to Fabian, the company is again banking on BPO firms to lease the available office space in Tower 3—scheduled for completion by the first quarter of 2021—given the development's accreditation from the Philippine Economic Zone Authority (PEZA), which gives incentives to locators.

This comes even as the government plans to rationalize incentives under the second package of the comprehensive tax reform program—the Tax Reform for Attracting Better and High-Quality Opportunities (TRABAHO) Bill—which aims to make tax perks time-bound, transparent, targeted, and performance-based for more competitive fiscal incentives.

"We saw it as a good opportunity for us, this bill, and everything they plan to do, parang it's all going to help our employees, looking for the best offer sa mga employees nila," Fabian said in an interview in Quezon City.

"Marami na kaming nakausap na BPO, kausap namin si PEZA, may mga plano rin sila to counter it, so we shouldn't look at it as a negative," she elaborated.

Fabian noted, however, that the company will not entertain clients from the Philippine Offshore Gaming Operators (POGO) in the meantime: "Right now we won't deal with POGO in Cyberpark."

According to Fabian, the company plans to complete the fourth tower in three or four years, while a specific timeline for the fifth tower has not yet been set, as she said the company will still have to "check on the climate of business" after the fourth tower is completed.

The five towers will either be connected by bridges or by underground connections, and are set to house "green initiatives" such as the Smart Elevator Systems, double-glazed windows, and rainwater collection systems.

Moving forward, Fabian said the company also plans to put up four more establishments along the area—two premier office spaces, and two premier residential spaces—which will cater to high-end clients.

These are planned to be put up in the lot area along General Aguinaldo Avenue in Cubao, Quezon City, where the Shopwise Mall is currently located.

"Shopwise, we have a deadline for that... In a few years, Shopwise will be transferred. We'll take them out from there," said Fabian. — BM, GMA News