MANILA, Philippines – Megaworld Corporation, the property arm of billionaire Andrew Tan, said it will spend P30 billion ($637.89 million) to develop a 35.6-hectare prime property beside the provincial capitol of San Fernando City, Pampanga.
Megaworld, in a disclosure to the stock exchange Monday, September 7, said the P30 billion ($637.89 million) capital investment will be spent over the next 10 years.
This will be the first mixed-use development of Megaworld in Central Luzon and will adopt the “live-work-play” concept that the property firm has been using over the past few years.
Several property firms have launched projects in Pampanga to take advantage of the rapid progress of the Central Luzon region, specifically in terms of attracting major businesses and investments.
Property firm Ayala Land Incorporated recently started to develop a 1,100-hectare integrated township project in Porac, Pampanga. Century Properties Group Incorporated is also currently developing an 8-hectare residential project in San Fernando, Pampanga.
Perfect time, opportunity
Megaworld senior vice president Jericho Go said, “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.”
Go added the township will integrate residential, office, commercial, retail, and institutional components in this development.
“As we see a potential pool of skilled talents for the BPO (business process outsourcing) 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,” Go said.
“This new township is also envisioned to expand and revitalize Pampanga’s provincial capitol district,” he added.
The property is approximately 70 kilometers away from Manila and accessible via the North Luzon Expressway (San Fernando Exit) and the Jose Abad Santos Avenue, also known as the Olongapo-Gapan Road.
It is also around 20 kilometers away from Clark International Airport.
This is Megaworld’s 19th township development and the fourth to be launched this year. One more township is expected to be launched before end-2015.
Earlier this year, the company launched two townships in Negros Occidental: Northill Gateway (50 hectares) and The Upper East (34 hectares); and another township in Sta Barbara, Iloilo, 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. – Rappler.com
$1 = P47.03