MANILA, Philippines – Condominium builder Megaworld Corporation said it will spend P35 billion ($780.73 million) over the next 10 years to build two township developments in Bacolod, Negros Occidental.
It will be Bacolod’s own version of an upscale lifestyle district complete with residential condominiums, malls and commercial centers, business process outsourcing (BPO) office towers, tourism, and leisure facilities.
In a statement to the stock exchange, Megaworld said it will build a mixed-use development anchored on its pioneering “Live-Work-Play” township concept.
To be called The Upper East, it will be on a 34-hectare property that used to be the Bacolod-Murcia Milling Company, located on the eastern side of Bacolod City.
The second township development, to be called NorthHill, is a 50-hectare property along the new Circumferential Road on the boundary of Talisay City and Bacolod City.
The project, which has direct access to the new Bacolod-Silay Airport, will be a joint development of Megaworld and its wholly owned subsidiary Suntrust Properties, Incorporated, in partnership with the prominent Lacson family of the province.
NorthHill is envisioned to be a lifestyle district that will house upscale residential villages, mixed-use office and retail developments, leisure and recreational amenities, as well as institutional facilities.
“Just as what we have done with our other developments, we will transform the sugarcane fields into a bustling new district. Within 5 to 10 years, we envision this area to be the most sought-after business and lifestyle address for Negrenses,” said Megaworld Senior Vice President Jericho P. Go.
Once completed, the two integrated urban townships will generate around 250,000 direct and indirect jobs in BPO, construction, transportation, commercial and retail businesses.
The Upper East and NorthHill are just two of the 5 township developments that Megaworld is launching this year.
The property firm owned by business tycoon Andrew Tan, earlier said it will expand its township portfolio across the country from 15 to 20 with a total township land area of 3,100 hectares by the end of the year.
In 2014, Megaworld introduced 5 townships in its portfolio covering almost 1,000 hectares of land.
These include Woodside City in Pasig City (12.3 hectares); Southwoods City in the boundaries of Cavite and Laguna (561 hectares); Davao Park District in Lanang, Davao City (11 hectares); Alabang West in Las Piñas City (62 hectares); and Suntrust Ecotown in Tanza, Cavite (350 hectares).
Andrew Tan, listed 330th richest in Forbes billionaires’ list for 2015, has a large stake in Megaworld. – Rappler.com
US$1 = P44.83
Photo from Megaworld website
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