Megaworld allots P45 billion for BGC township project

MANILA, Philippines - Megaworld Corp., the flagship property unit of businessman Andrew Tan, is shelling out P45 billion over a 20-year period to develop a 15-hectare integrated township within Bonifacio Global City.

Megaworld told the Philippine Stock Exchange that the new district, to be called Uptown Bonifacio, will rise at the former site of the National Police Commission headquarters and the northern portion of Bonifacio Global City which extends all the way to Kalayaan Ave.

Uptown Bonifacio will feature up to 18 towers, offering a total potential development of 500,000 square meters of residential space, 400,000 sqm of office space and 90,000 sqm of retail space.

The community’s maiden residential offering, the 45-story One Uptown Residence, is estimated to fetch P7.5 billion in sales. Residents will enjoy instant access to a basement retail strip.

For the office component, Megaworld is putting up a P12-billion four-tower corporate block along Megaworld Ave. that will make available around 140,000 sqm of leasable space.

“We will continue our best efforts to ramp up the construction of our next generation green office developments in Uptown Bonifacio that will help generate at least 80,000 new jobs in the area,” said Jericho Go, Megaworld’s first vice president for business development and leasing division.

Megaworld’s continued leadership in the residential condominium market has been cited recently by international real estate services firms CB Richard Ellis and Colliers International based on the number of residential units completed and to be completed until 2016.