PLDT, Inc. has completed the sale of the 37-storey Smart Tower in Makati City for $128 million to DMC Urban Property Developers, Inc., according to JLL’s commercial real estate services company, in a statement on Friday.

In an e-mail, JLL, a US-listed Jones Lang La Salle Inc. subsidiary, reported that its client, PLDT, will continue to occupy the building that houses the headquarters of its cellular arm, Smart Communications, Inc., “for the next five years under an accompanying leaseback deal.”

“The sale price represents the highest commercial real estate deal executed in the Philippines in 2020,” he said.

The building, along Ayala Road, has a gross floor area of 38,000 square meters and 244 parking spaces, JLL said.

In the quote, JLL Philippines Country Head Christophe Vicic said: “Investor’s demand for grade A properties in the Metro Manila region has remained strong for an uncertain year.”

“The sale of the Smart Tower brand confirms long-term trust in the office market and the desires of corporate tenants to re-imagine their real estate assets,” he said.

PLDT said last year that it was planning to collect money by selling business properties.

The company expects capital spending to exceed P70 billion this year.

In the third quarter, PLDT’s attributable net profits grew by 95 per cent year-on-year to P7.41 billion, as the market for digital or internet services increased due to the pandemic.

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