PNB Holdings to redevelop prime properties

PNB Holdings Corp. will redevelop its prime real estate assets to maximize their value amid the demand for rental space, it said on Wednesday.

In a statement, the company said it would work on improving the gross leasable area of the PNB Financial Center located in Pasay City, which spans 10 hectares, and the PNB Makati Center in Makati City’s central business district.

“We are excited [about] planning for the redevelopment of our properties in Makati and Pasay as we see a very huge growth potential in these areas,” Karlu Tan Say, president of PNB Holdings and chief executive officer of Eton Properties Philippines, Inc., said.

The company will look to further enhance the developments to serve the market in “the new normal.”

“While we are cautious of the economic environment, we also remain optimistic that the ongoing vaccine rollout and the health and safety protocols in place will prompt the imminent reopening of the local economy,” Ms. Tan Say said.

PNB Holdings said it expects a “significant increase” in profits by the end of the year from its 2020 net income of P200 million. — Keren Concepcion G. Valmonte