MANILA, Philippines – Megaworld Corporation and the Bases Conversion and Development Authority (BCDA) will be collaborating to build the 160-hectare (ha) Bonifacio Capital District (BCD) in the southern part of Fort Bonifacio.
In a press briefing on Thursday, March 14, Megaworld and the BCDA signed a memorandum of agreement to develop the future "administrative capital of the country."
The development of the land already began after the signing.
Under the agreement, the Tan-led property development firm will serve as the administrator and manager of BCD, which is expected to house a number of government offices, including the Senate, Supreme Court, and Court of Appeals.
Megaworld owns some 88 ha of the land, which will be developed by the BCDA. (READ: Senators OK transfer of Senate to Fort Bonifacio by 2020)
The areas covered by this are Megaworld's McKinley Hill and McKinley West, while the rest will be from the BCDA – a Philippine Navy property, the Bonifacio South Point property, the Consular property beside McKinley West, and another 1-ha piece of land.
With its partnership with Megaworld, BCDA President and Chief Executive Officer Vince Dizon said the areas surrounding these government offices can spur further growth.
"These government institutions will be complemented with more office spaces, residential units, parks, and commercial establishments, which are all essential to our vision to create vibrant and livable communities for the people," he added.
Tan noted that what they are aiming for is accessibility.
"The goal is to really make government services more efficient and more reachable to the people while also tying a strong real estate component." he said.
The partnership also resulted in the creation of a Policy Review Board to ensure proper execution of the master plan, which schedules all the developments within BCD to be completed in the next 10 years.
Under the master plan, 1.26 million square meters (sqm) will be allotted for commercial, residential, office, and institutional use, while mixed-use developments will be given 2.1 million sqm.
At least 15% of BCD will be for recreation, with green and open spaces.
Since the planned district will be close to the Ninoy Aquino International Airport and South Luzon Expressway, Megaworld executive vice president and chief strategy officer Kevin Tan said they are also eyeing to develop traffic management in the area in the next 5 years.
Tan said traffic management will include the "development of bike lanes and pedestrian networks as well as deployment of traffic marshals."
"We will also improve landscaping along the district's major roads and designing the entire district with urban art installations. On security management, we will also expand the CCTV monitoring to cover all areas of the district," he added.