Monique Pronove, CEO of Pronove Tai International Property Consultants' was quoted discussing effect of the PEZA proclamation delays to the office sector on January 22, 2019.
Pronove Tai International Property Consultants said the IT-BPM companies’ take-up of office space in 2018 would have been better without the delay in PEZA proclamations.
“We did have the strongest… take-up in 2018 compared to all other years, but it could have been better. It could have been better without the delays in PEZA proclamations, which was actually worse than 2017,” Monique Cornelio-Pronove, chief executive officer of Pronove Tai International Property Consultants, said during a media briefing on Jan. 9.
Citing PEZA data as of end-December 2018, Pronove Tai noted the agency only approved six IT Center and Park proclamations out of 62 pending applications. In 2017, PEZA approved 26 IT Center and Park proclamations out of 81 total applications.
“In 2016, the approval time was 4 months… In 2017, it lengthened to about 6 months. In 2018, it was worse at 14 months, so if you have applications for PEZA on the desk of the President, it sat there for an average of 14 months. So, if this continues to happen and this was one of the reasons why in 2017, we did not see… IT-BPM grow… We still have corporations that want to grow but cannot grow because PEZA buildings are important,” Ms. Pronove said.