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Megaworld goes heavy on Bonifacio development

[ Malaya.com.ph ] June 20, 2011
Megaworld Corp. has lined up projects using its portfolio of properties in the privatized portion of Fort Bonifacio as it expects development of all its landbank to run for the next two decades.

Andrew L. Tan, Megaworld chairman and president, said with its 230 hectares of prime land in "growth areas," Megaworld has a developable area of 2.29 million square meters, one million sq.m. of which will be developed into residential areas and around 886,000 sq.m. for office space. The rest will be for retail space, Tan said.

Among the prime areas are the 55-hectare former airport in Iloilo City; a 25-hectare property in Mactan, Cebu; a 7.1-hectare land in the former Napolcom property in Fort Bonifacio; and an 8.6-hectare land in Bonifacio North central business district.

Kingson Sian, Megaworld senior vice president, said the company will spend P25 billion as capital expenditure for the year, higher than last year’s P17 billion.

Sian said Megaworld expects this year’s income to hit P6 billion, a record high, against the P5 billion recorded last year.

In its residential business, Megaworld expects to generate reservation sales of P44 billion, 10 percent higher than last year’s P40 billion.

Sian said this is a significant growth from reservation sales of P5.5 billion in 2003.

Sian said the group’s combined retail and office space is expected to hit 638,502 sq.m. from 452,762 sq.m. as the company builds up more space.

For the first five months, Megaworld, including units Empire East Land Holdings and Suntrust Home Developers, sold real estate projects worth P17 billion.

Megaworld launched in the first quarter the first phase of its Iloilo Business Park in Iloilo City. The project features 300,000 sq.m. of office space and 200,000 sq.m. of hotel and retail space. Anchoring the project is the P2.5 billion Richmonde Hotel Iloilo and Tower, set for completion by first quarter of 2013.

Richmonde Hotel Iloilo and Tower will have 90 rooms and 24,000 sq.m. business process outsourcing (BPO) office space.

By end-2010, Megaworld will develop the nearby 14,000 sq.m. Festive Walk retail center and several BPO campus buildings with about 20,000 sq.m. of office space.

Megaworld, at the same time, is set to unveil Bonifacio Uptown in Bonifacio Global City by the second half of the year. The mixed-use, high-density, 16-hectare project in the North Bonifacio central business district extends all the way to Kalayaan Avenue and is near the British, Japanese and American international schools.

Megaworld intends to invest at least P25 billion to build Bonifacio Uptown over the next 12 years. The project offers close to 500,000 sq.m. of residential space, nearly 400,000 sq.m. of office space, and about 90,000 sq.m. of retail space.

Megaworld will start construction in the area through One Uptown Residence, with a potential revenue of P7.5 billion.

By 2013, Megaworld will start developing in phases the P12 billion Uptown Place, which will have four office towers atop a retail mall.
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