Megaworld Corp. on Wednesday said it will establish its first township development in Mindanao, the Davao Park District, envisioned to be the city’s next central business district and information-technology hub for the southern part of the country.
Megaworld said it would spend some P15 billion in five to seven years to develop an 11-hectare property along the S.P. Dakudao Loop in Lanang, Davao City. The area used to be the Lanang Golf and Country Club.
“Through the years, we have witnessed how Davao City has transformed into a major economic center of the country. This city has an impressive track record as an investment and business-friendly city, and a city where peace and order are truly your local government’s top priority,” Jericho Go, Megaworld first vice president, said.
The company did not give specifics on how many towers it would build on the property, but said it would have office towers, residential condominiums to be built by its unit Suntrust Properties, commercial and retail centers, open parks and lagoon and a school.
“The first building to rise in Davao Park District will definitely be an office tower. We are committed to generate around 20,000 jobs in the township in the next five years,” Go said in a statement.
Megaworld usually builds office towers when there is demand either from its existing pool of tenants from mostly business-process outsourcing sector or from new companies that want to set up in the Philippines.
The company expects its office-space inventory to reach 712,000 square meters this year, the biggest in the industry.
“Within the next five to seven years, we see Davao Park District as the next city center where business, pleasure and lifestyle meet— all in one district,” Go said. “Davao City is the economic center of Mindanao. This is the best place to build our very first township in the Southern Philippines, which we envision to be Mindanao’s new central business district. In Davao Park District, the people of Mindanao can finally experience Megaworld’s township concept,” Andrew Tan, chairman and chief executive officer of Megaworld, said.
Most of Megaworld’s development are in Metro Manila, while it has also other large developments in Cebu and Iloilo.
Megaworld’s Davao development is its 10th township since the company introduced the “live-work-play” concept in its 17-hectare Eastwood City in Libis, Quezon City.
The company’s previous announcements involved the development of the former Ajinomoto factory in Pasig now to be called Woodside City, the redevelopment of Manila Southwoods City in Cavite that will be undertaken by its unit Global Estate Resorts Inc.
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In Photo: Megaworld announces its “entry” in Mindanao with its P15-billion Davao Park District—its first on the island. Making the announcement at a news conference are Jericho Go (right), Megaworld first vice president; and Harold Geronimo, Megaworld director for strategic marketing and communications. For Megaworld Project Inquiry contact +639173236123.
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