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Megaworld to partially open P65-B Taguig project by 2016

Posted on April 03, 2013 09:46:37 PM [ BusinessWorld Online ]
PROPERTY developer Megaworld Corp. is set to partially open by 2016 its P65-billion Uptown Bonifacio mixed-use project in Taguig City’s Fort Bonifacio area, company officials said yesterday. 
“We would like to announce that [the construction of] our Uptown Bonifacio project, which is a 15-hectare township, is right now in full swing,” Noli D. Hernandez, Megaworld senior vice-president for sales and marketing, told reporters in a briefing in Taguig City yesterday.
Uptown Bonifacio is Megaworld’s high-end, cosmopolitan-themed township project accessible via Kalayaan Avenue in the northern part of Fort Bonifacio.
The township project will feature two luxury condominiums, a shopping mall, and corporate office towers, a Megaworld statement showed yesterday.
The One Uptown Residence and Uptown Ritz condominium towers are set to be completed in July 2016 and June 2017, respectively, the statement read.
Both towers are expected to rake in a combined P10 billion in sales, Mr. Hernandez said.
Uptown Ritz, a 45-storey “all-suite” building, will feature ground floor boutiques, three- and four-bedroom units on the penthouse floors, and two amenity decks,
One Uptown Residence will feature one- to three-bedroom units, two amenity floors, and access to the next-door Uptown Place Mall shopping center.
Uptown Place Mall, meanwhile, will be a five-storey, six-basement structure with a 47,962-square-meter total floor area and 36,689 square meters of total leasable area.
The mall, which will open in 2016, will feature five state-of-the-art cinemas, a 2,056-square-meter roof garden, a ground floor garden plaza, and various water features.
“We will be announcing the (mall) tenants very soon, probably this year, when we’ve finalized the floor spaces and allocations,” according to Harold C. Geronimo, Megaworld strategic marketing & communications director, said during the same briefing.
Uptown Bonifacio’s office component, on the other hand, will feature five office buildings measuring 15 storeys each, as well as the planned 25-storey Alliance Global Tower.
The said tower will be the future headquarters of conglomerate Alliance Global Group, Inc., Megaworld’s parent firm, which is currently based in Makati City.
“2016 is our target for the three towers, and 2017 for the two other towers,” Mr. Hernandez said when asked for the completion date of the five office buildings.
At present, Megaworld already has two other township projects in Fort Bonifacio, a former military camp, namely: the Forbes Town Center, which measures five hectares; and McKinley Hill, which measures 50 hectares.
Megaworld’s other project, McKinley West, is currently being built. It measures 34.5 hectares.
Mr. Hernandez said Uptown Bonifacio’s strategic location fueled the company’s expansion in the area.
“If you look at the map, this area (Uptown Bonifacio) is in the northern area, the top of BGC (Bonifacio Global City). It’s like a crown jewel of BGC.
We want to take advantage of that,” Mr. Hernandez explained in a separate interview.
Megaworld was incorporated in 1989 as Megaworld Properties and Holdings, Inc., and is currently engaged in the development of large-scale, mixed-use master planned townships.
The developer saw its nine-month net income drop by 14.93% to P5.70 billion as of September 2012 from P6.70 billion in the same period in 2011, mainly due to higher reported expenses.
Revenues rose by 3.88% to P23.85 billion versus P22.96 billion, thanks to higher residential sales, while costs and expenses climbed by 11.75% to P18.16 billion from P16.25 billion.
Shares of Megaworld closed at P3.80 apiece yesterday, unchanged from their previous close last Tuesday. -- Franz Jonathan G. de la Fuente         
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