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Megaworld spending P25b for Boni project

by Jenniffer B. Austria
[ manilastandardtoday.com ] June 20, 2011

Megaworld Corp., one of the leading condominium and office space providers, is set to unveil the P25-billion Bonifacio Uptown project in Bonifacio Global City in the second half of 2011.

Megaworld said in a statement it would transform a 16-hectare property into a mixed-use development offering close to 500,000 square meters of residential space and nearly 400,000 sq. m. of office area. The project will also sell 90,000 sq. m of retail space.

Megaworld said it would spend about P25 billion to build Bonifacio Uptown over the next 12 years. The property is located in the North Bonifacio Central Business District that extends to Kalayaan Avenue in Makati.

Megaworld is initially looking to launch a residential project called One Uptown Residence at Bonifacio Uptown. The company expects to generate as much as P7.5 billion in revenues from the first phase of the project.

Megaworld by 2013 plans to begin developing in phases the P12-billion Uptown Place, which will feature four office towers on top of a retail mall.

Megaworld last week said it had allotted P25 billion for capital and development expenditures in 2011.

The Megaworld group of companies, through the Megaworld, Empire East and Suntrust brands, sold real estate projects worth P17 billion in the first five months of the year.

Megaworld said it expects reservation sales in 2011 to hit P44 billion from P39 billion in 2010 and net profit to reach P6 billion, up 20 percent from P5 billion a year ago.

Megaworld, owned by business tycoon Andrew Tan, is the pioneer in integrated township projects that offer a live-work-play-learn lifestyle. It has six townships in strategic locations in Metro Manila that are in various stages of development.

It also has several luxury residential condominium projects at the heart of the Makati central business district.

The property company in the first quarter of the year launched the Iloilo Business Park, its first project outside Metro Manila. The 55-hectare business park is located at the site of the old Iloilo airport, which the company acquired in 2007.
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