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Megaworld spending P35B on Pasig project

Posted on March 04, 2014 10:54:03 PM [ BusinessWorld Online ]

MEGAWORLD Corp., the main real estate development vehicle of tycoon Andrew L. Tan, is expanding its township portfolio with a new P35-billion, mixed-use project that will rise in Pasig City, an official told reporters yesterday.

Jericho P. Go, Megaworld first vice-president for Business Development and Leasing Group, announced yesterday the company’s ninth township development that will be called Woodside City.

“We are allocating P35 billion in the next 10 years to develop this township,” Mr. Go told reporters in a briefing at Eastwood Richmonde Hotel in Quezon City.

He noted that Megaworld is “adequately capitalized for this development.”

Mr. Go said Woodside City will be located within a 12.3-hectare (ha) property along Circumferential Road 5, the former plant site of Ajinomoto Philippines Corp.

This will be the “first green township development of Megaworld,” Mr. Go said, adding that “[a]round 1,000 trees will be planted around the development.”

“This green feature will help provide outdoor thermal comfort for future residents, workers, tenants and visitors of township,” Mr. Go said.

Woodside City will have residential condominiums, a lifestyle mall, retail and commercial strips, open parks and a transport hub.

Mr. Go said the company is still “in the process of finalizing the master plan that will determine the mix of the residential, office and commercial components of the development.”

But among the first structures expected to rise on the site are three office towers, two of which will be designed by world-renowned architectural firm Skidmore, Owings and Merrill, Mr. Go said. The same firm is behind the world’s tallest building, The Burj Khalifa located in Dubai, the official emphasized.

The three office towers, Mr. Go said, will have a combined 150,000-square-meter leasable space, which will be launched in phases.

“The first tower will be launched early next year and will be completed in 2017,” he said.

The official added there are already clients lined up for office spaces of the first tower and “as the take-up becomes aggressive, we will proceed with the second and third towers.”

“With increasing demand for sustainable office towers from our clients, we are committed to build more ‘green’ buildings in Woodside City,” Mr. Go said, adding the buildings will have environment-friendly design.

The township will have other “green” features like a catchment that will enable use of rain and grey water for landscape irrigation, a network of bicycle lanes, and tree-lined sidewalks.

“The very concept of a township is to reduce and minimize the carbon footprint of the community. In our communities, one wouldn’t need hours to commute to go to work, home, watch movies, or do the grocery. Everything is just within walking distance,” Mr. Go said.

Megaworld is engaged in development of large-scale, mixed-use townships that integrate residential, commercial, educational, leisure and entertainment components. Its real estate portfolio includes residential condominium units, subdivision lots and townhouses, as well as office projects and retail space. Megaworld’s existing townships are the 17-ha Eastwood City in Libis, Quezon City; 50-ha McKinley Hill, 5-ha Forbes Town Center, 15.4-ha Uptown Bonifacio and 34.5-ha McKinley West -- all in Fort Bonifacio; 35-ha Newport City in Pasay City; 28.8-ha Mactan Newtown in Lapu-Lapu City, Cebu; and 72-ha Iloilo Business Park in Mandurriao, Iloilo City. Megaworld shares gained one centavo or 0.24% to P4.21 each yesterday. -- Claire-Ann Marie C. Feliciano   
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