By Richmond S. Mercurio (The Philippine Star) | Updated September 17, 2014 - 12:00am
MANILA, Philippines – Leading property developer Megaworld Corp. is investing P5 billion over the next eight years for its maiden venture into industrial park development. Through wholly-owned subsidiary Suntrust Properties Inc., Megaworld announced yesterday its initial entry into industrial park development with a 200-hectare project in Tanza, Cavite to be called Suntrust Ecotown.
Jericho P. Go, Megaworld senior vice president, said the project is seen to become the major hub for world-class light to medium export-oriented industries, residential, commercial and institutional establishments in the south.
“Megaworld’s entry into industrial park development leads us to an innovative blueprint that will entice more foreign locators to invest in the Philippines. Suntrust Ecotown is design to respond to the needs of dynamic export-oriented industries and to Megaworld goes… From B-1 exceed their expectations by offering lifestyle amenities never seen before in any industrial park,” he said.
Suntrust Properties president Harrisson M. Paltongan said 111 hectares will be allotted for the industrial park, while some 50 hectares is being allocated for future development that may include residential and other recreational facilities.
He said another 40 hectares is reserved for the expansion of the industrial park and the integration of lifestyle amenities such as a hotel, commercial and retail hubs, driving range, mini golf course, putting greens, swimming pool, jogging path, basketball and badminton courts, and open parks.
“Suntrust Ecotown is a breakthrough industrial park because this is the country’s first integrated industrial park accredited by PEZA (Philippine Economic Zone Authority) with lifestyle amenities. “We expect to generate around 500,000 (direct and indirect) employment within eight years in the industrial park. We look forward to hundreds of companies to locate in Suntrust Ecotown and the job generation it will bring to Filipinos,” Paltongan said.
Paltongan said Suntrust is already looking into further expanding the development to 350 hectares in the near future.
“We purchased this land last year. These are idle lands that are undeveloped and weare turning it as Megaworld’s first mixed-use development with an industrial park in the country,” Paltongan said.
Go said about 24 percent of 107 available industrial lots being offered initially are already sold.
Suntrust expects at least 100 companies to settle into its industrial park.
“There’s a room for growth within the Suntrust Ecotown because we have more areas allotted for future expansion that can accommodate more locators and will allow us to put residential areas, new commercial establishments, and other fresh inspirations of our pioneering live, work, and play township lifestyle concept,” Go said.
Suntrust officials said the project positions itself as a new alternative industrial park for multinational locators given its close proximity to major airports and seaports as well as business districts such as Makati CBD, Ortigas Center, Fort Bonifacio, the Ninoy Aquino International Airport, Manila Port and Batangas Port as well as it accessibility to main thoroughfares such as SLEX (South Luzon Expressway) and Cavite Expressway (Cavitex).
Suntrust in the past has been involved in building affordable vertical and horizontal residences in Cavite, Laguna, Batangas, Manila, Pasig, Quezon City, Mandaluyong, Baguio and Davao.