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Megaworld pledges P45B for Bonifacio development

Posted on January 25, 2012 10:43:01 PM [ BusinessWorld Online ]

LISTED DEVELOPER Megaworld Corp. is investing P45 billion in the next 20 years to develop a mixed-use complex on a 15-hectare lot in Bonifacio Global City, Taguig City.

In a statement, Megaworld yesterday said it will develop integrated township district called Uptown Bonifacio.

Megaworld will erect up to 18 towers there, offering a total potential development of 500,000 square meters (sq. m.) of residential space, 400,000 sq. m. of office space and 90,000 sq. m. of retail space.
The developer said it will also construct a 45-storey One Uptown Residence valued at P7.5 billion.

Megaworld added that it would also build a One Uptown Residence basement retail strip, which will serve as a connecting walkway to the three-level 33,000-sq.-m. development called Uptown Place.

“Aside from retail attractions, Uptown Bonifacio will also host a four-tower 140,000-sq.-m., P12-billion corporate block along Megaworld Ave.,” the company said.

The planned township will be constructed under the BERDE (Building for Ecologically Responsive Design Excellence) rating system developed by local accreditors.

The company is also the developer behind Eastwood City, Forbes Town Center, McKinley Hill, Newport City, Manhattan Garden City, Cityplace, and McKinley West.

Megaworld already has developments in Bonifacio Global City. Last year it won the auction to develop an 8.38-hectare site there dubbed North Bonifacio.

It committed to invest up to P20 billion in the military-owned lot to turn the site into a mixed-use property.

In the meantime, the company said its 2011 third-quarter net income went down by 19% to P1.539 billion from P1.903 billion in year-ago levels as real estate sales remained flat at P4.550 billion from P4.554 billion last year.

Third-quarter total revenues, meanwhile, were up by 11.45% to P7.208 billion versus P6.647 billion last year.

Total expenses in the July-to-September period, however, rose by nearly a quarter to P5.668 billion versus P4.563 billion on the back of higher operating costs.

Megaworld shares slid by 6.35% to P1.77 apiece when the stock market closed yesterday. -- Cliff Harvey C. Venzon

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