Developer backed by billionaire Lucio Tan plans to build Philippines’ 2nd tallest tower

A developer backed by billionaire Lucio Tan aims to construct the Philippines' second tallest tower, measuring 280 meters, on an 8,000-square-meter lot in Makati's central business district. The structure will be second in height to the 318-meter Metrobank Center and surpass the 276.8-meter The Estate Makati. The mixed-use building will comprise offices, residences, a shopping mall, and an upscale hotel.

Estimated development costs could reach 12.8 billion pesos ($205 million), with the potential for an increase once the design is finalized, according to PNB Holdings CFO Ponciano Carreon Jr. The project has been in development for a long time, and construction could commence as early as the fourth quarter of 2027, contingent on market conditions, and last five to seven years.

This endeavor is part of the country's largest lenders' race to build modern skyscrapers to meet the strong demand for new office space. Bank of the Philippines Islands and BDO Unibank are also constructing new skyscrapers in Makati and Bonifacio Global City. PNB Holdings, which was recently spun off as a separately listed company with a market capitalization of around 56 billion pesos, owns three prime properties in Metro Manila, with a total valuation of 86.5 billion pesos. Tan, worth $3.1 billion, controls a significant stake in Philippine Airlines and other industries.