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Megaworld allots P25 billion for office complex in Taguig

Posted on July 25, 2011 11:04:58 PM [ BusinessWorld Online ]

MEGAWORLD CORP. is set to invest P25 billion in a 7.1-hectare lot in Taguig City it acquired from the government, the Tan-led firm said yesterday, more than two years after it won development rights over the property.
In a disclosure yesterday, Megaworld said it plans to build an office complex on the former National Police Commission (NAPOLCOM) lot with P7 billion allotted for the first phase of construction which will span seven to 10 years.

The development will add 50,000 square meters (sq.m) to the firm’s 380,000-sq.m portfolio of business process outsourcing office spaces.

The planned development comes after the Megaworld-led consortium won the contract to develop and lease out the property in 2008 with a P3-billion bid in an auction held by the Bases Conversion and Development Authority.

But development on the site was deferred while the firm focused on building luxury enclave McKinley Hill, also in Fort Bonifacio, Megaworld investor relations officer John T. Hao said in a telephone interview yesterday.

Nevertheless, land development is already ongoing at the NAPOLCOM site, Mr. Hao said.

Megaworld expects to hit P6 billion in profits by the year’s end, according to earlier reports.

Shares closed higher at P2.13, three centavos up from last Friday’s P2.10. -- FJGDLF

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