Zuellig Building, the high-rise project being constructed at the corner of Paseo de Roxas and Makati Avenues in Makati City, is the latest development declared by the Philippine Economic Zone Authority as an information technology center.

Prospective locators of the building will enjoy a host of fiscal and non-fiscal perks administered by Peza, including a five percent gross income tax, in lieu of all local taxes, and duty-free importation of capital equipment.

The Peza board approved the project as an IT zone on June 29, subject to the issuance of a Presidential proclamation.

In a report to Trade Secretary Peter Favila, Peza director-general Lilia de Lima said the project cost was initially pegged at P3.1 billion, including P2.1 billion for the building construction,and P1 billion to cover other costs.

She said this was so far the largest investment in a high-rise office building in Makati.

“The new development will provide the IT sector, particularly the booming business process outsourcing industry and other IT-enabled services, 66,280 square meters of prime office space,” said De Lima.

The project sits on an 8,285-square-meter lot in one of the prime locations in the Makati commercial business district.

Bridgebury Realty Corp., the property arm of Zuellig Pharmaceuticals, is developing the property.

The project is a 34-story (including mechanical room) office building with five-level basement parking and retail spaces located at the first three levels.

Offices are located from the third to the 33rd floor level, giving a majestic view of the city’s central business district.

De Lima said the building aimed to become the first “green” office in the Philippines with a gold certification from the US Green Building Council for Leadership in Energy and Environmental Design.

About 75 percent of the entire floor area, or nearly 50,000 sq. m., would be dedicated to office and IT space. A little over 3 percent (2,194 sq. m.) is designated as common area, while the remaining 21.83 percent, or 14,468 sq. m., is allocated for other purposes.

The project started development in May and is slatedfor completion in March 2012.

Company officials are confident the office property market would have recovered by the time the building is completed.

Real estate consultancy firm CB Richard Ellis will manage the property.

CBRE has said that locators of the building would generate cost savings in the long run, especiially in electricity, due to the building’s design that maximizes the use of natural light and minimize the need for indoor lighting.

It added the building’s façade was designed to deflect heat generated by direct sunlight exposure, thus capping costs related to the need for air conditioning.