Megaworld to redevelop Eastwood City

MANILA, Philippines — Property giant Megaworld Corp. is spending P2.5 billion to redevelop its first township development.

Megaworld said it has started the makeover of the 18.5-hectare Eastwood City in Quezon City.

The redevelopment will include the reinvention of the township’s commercial areas as well as select residential and office developments that have been in place for many years.

Launched in 1997, Eastwood City is Megaworld’s first mixed-use development.

Recognized as the country’s first IT cyberpark, it is regarded as the birthplace of the business process outsourcing industry, serving as headquarters to numerous global companies and multinational firms. 

Eastwood City is currently home to 23 residential condominium towers, 11 office buildings and three lifestyle malls, with nearly 500 restaurants and shops operating throughout its commercial areas.

“Eastwood City holds a special place in our history as Megaworld’s very first township and this redevelopment reflects our commitment to keeping it vibrant, relevant and future-ready,” Megaworld president Lourdes Gutierrez-Alfonso said.

“We are not only preserving its legacy but also reinventing it into a township of the future – setting an even higher standard for integrated urban living,” she said.

At present, Megaworld is upgrading commercial areas and lifestyle malls, including Eastwood Citywalk, Eastwood Mall and the Eastwood Mall Open Park. 

The plan also includes the ongoing enhancement of Eastwood Richmonde Hotel and the phased refurbishment of office towers, beginning with the recently completed renovation of IBM Plaza.

As the company continues its efforts to reinvigorate the entire township, upgrades to the lobbies, facilities and amenities of additional office buildings and residential towers are also set to roll out in the coming months.

Eastwood Mall, the township’s premier lifestyle mall, has already been redeveloped with refreshed interiors, upgraded cinemas and a rejuvenated tenant mix. 

Select areas of the mall have been converted into new lifestyle concepts, including the country’s first branch of SuperPark Philippines, a Finnish all-in-one indoor activity park.

Renovation works have also been completed at Eastwood Citywalk.

The former cinema space has likewise been transformed into the new REP Eastwood Theater, now home to the Philippine theater company Repertory Philippines. 

Megaworld said that redevelopment efforts are also underway for the township’s parks and open spaces, including the transformation of the Eastwood Mall Open Park, which will soon offer a vibrant open-air space featuring popular dining and lifestyle brands.

Megaworld has 35 townships across the country to date, backed by a robust land bank of around 7,000 hectares. 

The company is on track to launch more township developments this year as part of its continued expansion to the provinces.