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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