PLDT sells Smart HQ building

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    PLDT Inc. is selling its Smart Towers building in Makati to the DMCI Group.

    The Philippine Competition Commission (PCC) said it has approved the acquisition by DMCI-unit DMC Urban Property Developers Inc. (DMC-UPDI) of PLDT Smart Towers Makati.

    The competition regulator said the DMC-UPDI acquiring the property — two parcels of land with aggregate area of approximately 2,400 square meters together with improvements consisting of two buildings (Smart Tower I and II), on Ayala avenue, Makati City — will “unlikely to lead to substantial lessening of competition in the market of office leasing space in the central business districts of Makati and Bonifacio Global City.” — Ruelle Castro