By Jenniffer B. Austria | Sep. 07, 2015 at 11:20pm [ manilastandardtoday.com]
Megaworld Corp., the property unit of billionaire Andrew Tan, said it will spend P30 billion to develop its latest mixed-use development, a 35.6-hectare prime land beside the provincial capitol of San Fernando, Pampanga.
Megaworld said in a disclosure to the stock exchange it would spend the amount over the next 10 years.
“As part of our aggressive township expansion across the country, we are happy to announce our entry into Pampanga. This is the perfect time and opportunity to be present in this progressive province, where else but right at the heart of the provincial capital which is a prime location for an urban township development,” Megaworld senior vice president Jericho Go said.
The first mixed-use development of Megaworld in Central Luzon, the project will adopt the live-work-play concept that the property company has been doing in the past few years.
“Just like our other townships, we will integrate residential, office, commercial, retail and institutional components in this development. As we see a potential pool of skilled talents for the BPO sector in the province, we are certain to build a cyberpark, bring in our partner locators to the township and generate thousands of jobs for the people of Pampanga,” said Go.
“This new township is also envisioned to expand and revitalize the Pampanga’s provincial capitol district,” he added.
The property is approximately 70 kilometers away from Manila and closely accessible via the North Luzon Expressway through the San Fernando exit and the Jose Abad Santos Avenue, also known as the Olongapo-Gapan Road. It is about 20 kilometers away from Clark International Airport.
The project is Megaworld’s 19th township development and the fourth to be launched this year. One more township is expected to be launched before the end of the year.
Earlier this year, the company launched two townships in Negros Occidental, namely Northill Gateway (50 hectares) and The Upper East (34 hectares); and another in Sta. Barbara, Iloilo called Santa Barbara Heights (170 hectares).
The new townships will add close to 400 hectares, bringing the total township land area of the Megaworld Group to around 3,100 hectares by the end of the year.
Several property firms have also launched projects in Pampanga to take advantage of the rapid progress of Central Luzon region in terms of major businesses and investments.
Ayala Land Inc. recently started developing a 1,100-hectare integrated township in Porac, Pampanga, while Century Properties Group Inc. is building an eight-hectare residential project also in San Fernando, Pampanga.