Megaworld builds P45-B 'ultra high-end' township
MANILA, Philippines – Andrew Tan-led Megaworld Corporation is going “ultra high-end” with a township development in Fort Bonifacio, Taguig City.
Megaworld is developing McKinley West, "a modern, luxurious, European-inspired" township on a 34.5-hectare former JUSMAG property, beside South Forbes Park and Manila Polo Club, the property developer announced Tuesday, July 8.
The company is spending P45 billion ($1.037 billion*) in the next 10 years to complete the township, which gained popularity among Metro Manila’s elite when it first sold lots in the upscale McKinley West Village in 2010.
From its selling price of P75,000 ($1,722) per square meters 3 years ago, the price of lots in the village is now P160,000 ($3686) per sqm.
“It has been 4 years since we sold out McKinley West Village, yet up to now, we are still receiving inquiries,” Megaworld Senior Vice President Noli Hernandez, said.
Megaworld has pioneered the “live-work-play-learn” lifestyle concept for mixed-use communities in the Philippines, known as townships.
Apart from the residential village, McKinley West will have rows of luxury residential properties, with some having their own swimming pools, state-of-the-art security features, and first-of-its-kind luxury amenities.
Megaworld is commissioning United Kingdom-based global architectural firm Broadway Malyan to design the properties.
It will also have its own business park offering modern office towers, as well as commercial and retail buildings. Construction of the business park will start next year.
“McKinley West’s masterplan highlights a luxurious blend of a modern business district and posh residential enclaves. We will live up to the lifestyle that the neighboring Forbes Park also offers,” Hernandez said.
With the development of McKinley West, Lawton Avenue, the main road fronting the township, will be expanded to 6 to 8 lanes, through the efforts of the Bases Conversion and Development Authority.
The township will also have direct access to McKinley Hill, another Megaworld development, providing a more convenient access to Bonifacio Global City; South Luzon Expressway, C5 Road; the Ninoy Aquino International Airport and McKinley Road toward the Makati Central Business District, Hernandez cited.
Apart from McKinley West, the company has 9 other townships all throughout the country covering about 300 hectares of land. These are the:
- 18.5-hectare Eastwood City, considered to be the country’s first cyberpark
- 50-hectare McKinley Hill in Fort Bonifacio
- 25-hectare Newport City in Pasay City
- 5-hectare Forbes Town Center in Bonifacio Global City
- 28.8-hectare The Mactan Newtown in Lapu-Lapu, Cebu
- 15.4-hectare Uptown Bonifacio in Bonifacio Global City
- 12.3-hectare Woodside City in Pasig City
- 11-hectare Davao Park District in Davao City
- 72-hectare Iloilo Business Park in Iloilo City
In June, Megaworld announced that it would spend P230 billion ($5.30 billion) this year until 2018 for residential, office, and retail projects in various parts of the country.
For 2014 alone, Megaworld earmarked P40 billion ($921.55 million) for capital expenditures.
Also last month, Megaworld increased its stake in tourism estate developer Global-Estate Resorts Inc. to 80.4% from 25.76%, signaling the company’s foray into the tourism industry.
Alliance Global Group Inc., the parent company of Megaworld, shared that it completed the sale of its 5.405 billion common shares, or 49.2%, of GERI to Megaworld for P10.43 billion ($240.35 million). – Rappler.com
*($1 = P43.40)