Megaworld sets aside P350M for Ft Boni project

Upscale land developer Megaworld Corp. will initially spend P350 million for the development of the recently-acquired 16-hectare of land within the Self-Reliance and Development Program (SRDP) Complex at Fort Bonifacio.

Megaworld chairman Andrew Tan said vertical development for the project will start April next year or once the necessary road and rail network have been completed.

The company will lease the property from the Taguig Municipal’s Office for 25 years, renewable at the option of the developer.

Megaworld intends to develop the property primarily as an educational and institutional center open to schools offering pre-school, primary and/or secondary education. Sports centers and other related facilities, open parks and churches will also be constructed.

It would immediately invite best schools like the German International School and French International School to set up shop within the SRDP complex.

The property will be included in the master development plan for the 50-hectare McKinley Hill, which is now being developed into a high-end residential subdivision cum commercial area.

A substantial portion of McKinley Hill is the McKinley Village, a high-end residential subdivision that was launched last May. McKinley Village is the first phase of the three-phased redevelopment of the 25-hectare McKinley Hill.

The new road, a 22-wide meter avenue, will be linked to the existing McKinley Road. The Upper McKinley Road will also link up with the existing Lawton Road and the C-5 Road providing McKinley Hill easy access to various key urban points such as NAIA and Ortigas.

Megaworld is also developing the 6.68 Vetronix property located at the SRDP into a residential and commercial hub.

The Fort Bonifacio Global City is comprised of approximately 240 hectares of gross land. The Bases Conversion Development Authority is in charge of developing 84 hectares while the Fort Bonifacio Development Corp. (FBDC) is in charge of the remaining 156 hectares.

BCDA is confident that the property development partnership with Megaworld will produce yet another world-class urban community that will further boost economic activity in the south of Metro Manila.

Megaworld began as a high-end property developer, building residential projects that captured the upscale market. In 1994, it spun off Empire East Land Holdings, Inc. and Empire East Properties, Inc. to cater to the needs of the middle-and low-income market.