Sunday, March 22, 2015

Megaworld International

Megaworld Investing P35B in 2 Bacolod Townships

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Andrew Tan-led property developer Megaworld Corp. is investing P35 billion within the next 10 years to build two townships in Bacolod City, Negros Occidental, the country’s sugar capital.

The first township, to be called “The Upper East,” is located on a 34-hectare property that used to be the Bacolod-Murcia Milling Co. (BMMC), Megaworld disclosed to the Philippine Stock Exchange on Thursday. This is envisioned to be Bacolod’s version of an upscale lifestyle district where residential condominiums, malls and commercial centers, business process outsourcing (BPO) office towers, tourism and leisure facilities as well as recreational parks and open space. This is inspired by New York City’s affluent Upper East Side district.

This project is bounded by Burgos Avenue on the north, Lopez Jaena Street on the west and Circumferential Road on the east and is just across the new government center. This prime location, which the local people simply refer to as “East,” is now known to be Bacolod’s booming commercial and BPO district.

On the northern part of Bacolod, where the famous Sugar Road was built, Megaworld will build the second township called “Northhill” which is located on a 50-hectare property along the new Circumferential Road on the boundary of Talisay City and Bacolod City. This has direct access to the new Bacolod-Silay Airport.

A partnership among Megaworld, its wholly owned subsidiary Suntrust Properties, Inc. and the Lacson family, Northhill will rise in an area that has a direct link to “The Upper East” via the Circumferential Road. This is envisioned to be a refreshing 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 five to ten years, we envision this area to be the most sought-after business and lifestyle address for Negrenses,” the company said.

Once completed, the two integrated urban townships are seen to generate around 250,000 direct and indirect jobs in BPO, construction, transportation, commercial and retail businesses.

“We are still finalizing the masterplans of the two townships. But one thing for sure, we will be able to provide thousands of jobs to the people of Negros once these two developments are completed,” the company said.

Source: business.inquirer.net

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