PLDT planning to tap property unit of NTT to redevelop Makati buildings

January 1, 2018

PLDT Inc. said it is planning to tap the property unit of Japan’s NTT to redevelop its two buildings in Makati as it preparing to transfer of its headquarters to the south of Manila.

“I think we are leaning towards NTT, [it] has a real estate arm which is one of the biggest, as I understand, at least in Japan. They have global properties, it turns out. They’re quite large. So, we said we will give priority to NTT Real Estate. But they need a local partner to develop. So, hopefully, we could do that next year,” Manuel V. Pangilinan, chairman, president of PLDT said last week.

"Our only condition is we keep x number of floors. We don’t know how many yet. It depends on the plan on redevelopment. Number two, we want to have, I think, developers are probably looking at developing two towers. So, we want to have naming rights, to keep PLDT naming rights to one of the towers. That’s our condition. So, we will pay for the floors that we will keep. Then, the rest, can be for the redeveloper or financiers,” he added.

Panglinan was referring to Ramon Cojuangco Building (RCB) and Makati General Office (MGO) buildings in Makati City.

PLDT earlier reported a net income rose by 38 percent to P21.87 billion in the first nine months of the year, mostly due to proceeds from the sale of its shares in Beacon Electric Asset Holdings Inc and SPi Global Holdings Inc. DMS