PNB Holdings plans 280m tower in Makati CBD, Philippines' second tallest
PNB Holdings, backed by billionaire Lucio Tan, plans to build a 280-metre mixed-use tower on an 8,000 sq m parking lot in Makati's central business district. The 54-storey project, estimated to cost at least 12.8 billion pesos (US$205 million), will be the Philippines' second tallest building after
PNB Holdings, the property arm of billionaire Lucio Tan's banking group, plans to develop a 280-metre tower on an 8,000-square-metre parking lot in the Makati central business district, the company confirmed. The 54-storey mixed-use building will house offices, residences, a shopping mall and an upscale hotel, and will become the Philippines' second tallest tower, behind only the 318-metre Metrobank Center.
Analysts estimate development costs could reach 12.8 billion pesos (US$205 million), though the total investment may rise once the design is finalised, according to PNB Holdings chief financial officer Ponciano Carreon Jr. Construction could begin as early as the fourth quarter of 2027, depending on market conditions, and take five to seven years to complete, he added.
“It’s the most ready for development among our prime assets. We have done preliminary studies on what to do. Our priority is to unlock the value of our prime properties,” Carreon said. PNB Holdings was spun off last month as a separately listed company with a market capitalisation of about 56 billion pesos, and owns three prime properties in Metro Manila that it intends to redevelop gradually over the next 25 years.
Its property portfolio was valued at 86.5 billion pesos at the end of 2025, and includes an old office building on Ayala Avenue, Makati CBD’s main thoroughfare, and the PNB financial centre, which occupies a 10-hectare site near Manila Bay.
The plan comes as the country’s largest lenders race to develop modern skyscrapers to meet strong demand for new office space. Bank of Philippines Islands, controlled by tycoon Jaime Zobel de Ayala’s Ayala Corp., is constructing a 45-storey, 224-metre skyscraper at its former headquarters in the Makati CBD. Nearby, BDO Unibank, controlled by the Sy family’s SM Investments, is redeveloping its headquarters with a 55-storey tower measuring about 272 metres and a 48-storey tower.
The developments come amid limited office supply in Makati and Bonifacio Global City, according to Joey Bondoc, head of research at property consultancy Colliers Philippines. “It’s ripe to build new offices for both Makati and Bonifacio Global City,” he said, noting that office vacancy rates in both financial districts are about 10 per cent.
