Tuesday, June 21, 2011

Megaworld allots P 25B for 2011 capex

MANILA, June 21 (PNA) -- Publicly listed real estate giant Megaworld Corp. has allotted P 25 billion for its capital and development expenditures in 2011, expecting growth to continue strong as its first five months' performance.

Francisco C. Canuto, Megaworld senior vice president and corporate information officer, in a disclosure, said the Megaworld group of companies, through the Megaworld, Empire East and Suntrust brands, sold real estate projects worth P17 billion.

Megaworld is the country’s largest residential condominium developer and BPO office developer and landlord, as well as the pioneer of integrated township projects that offer a live-work-play-learn lifestyle.

Megaworld is set to unveil Bonifacio Uptown in Bonifacio Global City in the second half of 2011. The mixed-use, high-density, 16-hectare project in the North Bonifacio central business district extends all the way to Kalayaan Avenue, and is located near the British, Japanese and American international schools.

The company will invest at least P25 billion to build Bonifacio Uptown over the next 12 years.

The project offers close to 500,000 square meters of residential space, nearly 400,000 square meters of office space, and about 90,000 square meters of retail space.

Megaworld is looking to launch soon One Uptown Residence at Bonifacio Uptown, with total potential revenues of P7.5 billion. Starting 2013, the company will begin developing in phases the P12-billion Uptown Place, which features four office towers on top of a retail mall.

Its next-generation BPO offices and campus buildings are expected to help generate at least 120,000 new jobs.

The company’s pioneering BPO and IT park in Eastwood City, Quezon City, home to a 40,000-strong workforce, is a 24x7 hub for BPO players servicing a global market.

The successful Eastwood City CyberPark served as an inspiration for Megaworld’s second cyber park in McKinley Hill, Taguig City, which now hosts the biggest names in the BPO industry.

In a span of just three years, McKinley Hill has provided employment for more than 15,000 workers.
Megaworld’s PEZA-accredited Newport City Cybertourism Zone has helped expand the country's active labor force by generating some 15,000 new jobs from the opening of Marriott Hotel and the Resorts World tourism complex in 2009. 

Megaworld currently has an inventory of 384,000 square meters of BPO office space, with 78,000 square meters more space to be completed by yearend.

Megaworld has six townships in strategic locations in Metro Manila that are in various stages of development.

It also has a series of luxury residential condominium projects at the heart of the Makati central business district.

Megaworld launched in the first quarter of 2011 the Iloilo Business Park, its first project outside Metro Manila.

The 55-hectare business park is located at the site of the old Iloilo airport, which the company acquired in 2007. The project features 300,000 square meters of office space and 200,000 square meters of hotel and retail space, designed to support business operations.

Anchoring the Iloilo Business Park is the P2.5-billion Richmonde Hotel Iloilo and Tower, slated for completion by the first quarter of 2013. The Richmonde project hosts 90 hotel rooms and BPO offices with a total gross floor area of about 24,000 square meters.

By the end of 2012, Megaworld will develop the nearby 14,000-square-meter Festive Walkretail center and several BPO campus buildings, offering about 20,000 square meters of office space. (PNA)  By Mediatrix P. Cristobal


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