Megaworld Spending Php20B in 12 Fort Towers

Property developer Megaworld Corp. said Tuesday it will spend P20 billion to build 12 office towers in Fort Bonifacio, Taguig City by 2018, amid continued strong demand from the business process outsourcing industry.

Megaworld senior vice president Jericho Go said in a news briefing the construction of 12 office buildings would more than double its office space inventory in Fort Bonifacio to 650,000 square meters from the current 300,000 sq. m.

Under the plan, Megaworld will build four office buildings within the 15.4-hectare Uptown Bonifacio township project in the northern part of Fort Bonifacio near Kalayaan Avenue.

These include the 15‐story Uptown Tower 1 (30,000 sqm), the 15‐story Uptown Tower 2 (30,000 sqm), the 20‐story Uptown Tower 3 (40,000 sqm) and the 25‐story Alliance Global Tower (50,000 sqm).

Alliance Global Tower will serve as corporate headquarters of the companies under Alliance Global Group Inc., the holding company of Megaworld chairman Andrew Tan.

“We envision Uptown Bonifacio to rise as a bustling CBD of Fort Bonifacio. At present, several multinational companies have already signed up to set up their operations here,” Go said.

Go said Uptown Towers 1, 2 and 3 were already 90-percent leased out.

Megaworld will also construct six campus-type office buildings within the 34.5-hectare McKinley West.

Each tower is five‐story high with 10,000 square meters of leasable office space.

Go said while the two remaining office towers were still being finalized, these would have a total of 140,000 square meters of office leasable space and would also be completed by 2018.

“We remain upbeat in maintaining our leadership as the biggest developer and lessor of office spaces in the country,” Go said.

“We are on track to reach or even surpass one million square meters of office space within the next three years,” Go said.

Go said Megaworld’s aggressive rollout of office towers would boost the company’s rental income, as Taguig is considered one of the cities that enjoy high rental rates of P700 to P900 per square meter.

Megaworld currently has 19 office towers in McKinley Hill covering around 300,000 square meters of office space.

It remains the country’s biggest office developer and landlord with around 712,000 square meters of office space inventory, mostly leased to IT‐BPO companies.

Megaworld has over 130 companies in its portfolio of office tenant partners.

(From The Manila Standard. Reported by Jenniffer B. Austria. Artist’s depiction of Uptown Bonifacio courtesy of the Megaworld official website.)

Leave a Reply

Your email address will not be published. Required fields are marked *