The municipal government of Taguig, which owns the said property, will lease the lot to Megaworld for 25 years, renewable at the option of the real estate developer.
The company intends to develop the property primarily as an educational and institutional center open to schools offering pre-school, primary and/or secondary education. Sports centers and other related facilities, open parks and churches will also be set up.
Megaworld’s investor relations officer Luke Tan said it would take the company a year to develop the infrastructure for the project. He said the company would immediately invite leading schools like the German International School and French International School to set up shop once the necessary road and rail network have been completed.
Tan said the property will be included in the master development plan for the 25-hectare Mckinley Hill, which is now being developed into a high-end residential subdivision and commercial area.
A substantial portion of McKinley Hill is the McKinley Village, a high-end residential subdivision launched last May. McKinley Village is the first phase of the three-phased redevelopment of McKinley Hill.
Once completed in 2011, McKinley Village will have a direct route to the Makati Business District via the Upper McKinley Road which is now under construction.
The new road, a 22-meter wide avenue, will be linked to the existing McKinley Road. The Upper McKinley Road will also link up with the existing Lawton Road and the C-5 Road, providing McKinley Hill easy access to various key urban points such as the international airport and Ortigas Center.
The entire Bonifacio Global City area consists of approximately 240 hectares of land. The Bases Conversion Development Authority (BCDA) is developing 84 hectares of the former military base while the Fort Bonifacio Development Corp. (FBDC)consortium is in charge of the development of the remaining 156 hectares.
BCDA is confident that the property development partnership with Megaworld will produce yet another world-class urban community that will further boost economic activity in southern Metro Manila.
Megaworld earlier said it is prepared to acquire the entire 45-percent stake of BCDA in FBDC, which is now majority owned by the group of Ayala Land Inc. (ALI) and the Campos-owned Evergreen Holdings Inc.
Megaworld began as a high-end property developer, building residential projects that captured the upscale market. In 1994, it spun off Empire East Land Holdings Inc. and Empire East Properties, Inc. to cater to the needs of the middle- and low-income market, respectively.