Megaworld launches P15-B township project in Davao

MANILA, Philippines - Megaworld Corp. is beefing up its mixed-use project portfolio with the launch of its first township project in Mindanao.

The Andrew Tan-led property firm said it will invest P15 billion in the next five to seven years to build and develop Davao Park District.

“Davao City is the economic center of Mindanao. This is the best place to build our very first township in Southern Philippines, which we envision to be Mindanao’s new central business district,” Tan said.

“Davao Park District is envisioned to be Davao City’s central business district and a major center for information technology and business process outsourcing (BPO) in Mindanao,” he added.

Tan said Mindanao residents can experience Megaworld’s pioneering live-work-play-learn township concept through the planned development.

Megaworld has partnered with the Dakudao family to develop an 11-hectare property along S.P. Dakudao Loop. This area was formerly the Lanang Golf and Country Club.

First to rise in the township will be office towers suited for BPO companies and other corporate offices. Megaworld is the largest office landlord in the country with around 712,000 square meters (sqm) of office space inventory.

“As the country’s largest office developer and landlord, we will also be bringing our expertise and leadership in the development of state-of-the-art office towers to Davao City,” said Megaworld first vice-president Jericho P. Go.

Aside from office towers, Davao Park District will also feature themed residential condominiums that will be built by Megaworld’s affordable housing unit Suntrust Properties. Megaworld will also put up a lifestyle mall, commercial and retail strips, and a school.

“This is like bringing Eastwood City to Mindanao,” Go said.

Davao Park District will be Megaworld’s 10th township in the Philippines. Megaworld is the company behind the 17-hectare Eastwood City; the 50-hectare McKinley Hill, the five-hectare Forbes Town Center, the 15.4-hectare Uptown Bonifacio, and the 34.5-hectare McKinley West in Fort Bonifacio.

In January to September last year, Megaworld’s net income reached P6.55 billion up 15 percent from P5.7 billion a year ago due to growing sales from several township projects and revenues from office buildings.

In more than 20 years of operations, Megaworld has completed more than 240 residential and office buildings with a total floor area of around six million sqm.