MANILA, Philippines - Megaworld Corp., the flagship property unit of tycoon Andrew L. Tan, is expanding Eastwood City in Libis to cater to strong demand for additional office, residential and commercial space in the Philippines’ first cyberpark.
The property firm will introduce in the next few years three mixed-use towers in Eastwood City, Megaworld’s first township project, company executives said yesterday.
Eastwood City will be expanded by 1.5 hectares to 18.5 hectares amid growing demand for office and commercial spaces in the township, Jericho P. Go, senior vice president of Megaworld, said in a briefing.
Megaworld recently acquired a property located on the eastern part of the township (along Eastwood Palmtree Ave.) beside the Eastwood Le Grand Tower 3.
“With the expansion, we are looking forward to a more exciting mix of new commercial and retail partners in this new side of Eastwood City,†said Kevin L. Tan, Megaworld’s first vice president and head of commercial division.
Under the expansion program, Megaworld will put up at least three mixed-use towers that will offer an additional 100,000 square meters (sqm) of office space, 9,000 sqm of additional commercial space and 600 residential units that can generate P4-5 billion in sales.
“The tremendous success of Eastwood City as the country’s first cyberpark and premiere township has attracted thousands of Filipinos to live here, hundreds of information technology and business process outsourcing companies (IT-BPO) to operate here, and thousands of visitors and shoppers to enjoy what life in Eastwood can offer,†Go said.
In 1999, Megaworld started developing a 13-hectare textile mills factory into what is now Eastwood City. It also acquired several properties to increase the property’s land area to 17 hectares.
Eastwood City currently has 21 high-rise condominium towers with 25,000 residents in 7,250 residential units. It is also home to around 60,000 IT-BPO workers in 11 corporate office towers totaling 270,000 sqm while 50 commercial and retail partners occupy three lifestyle malls in the township project.
Go said there already is a pent up demand for 30,000-50,000 sqm in additional IT-BPO office space.
Since Megaworld started leasing office space in Eastwood City, monthly rental rates have climbed to P600-700 per sqm from P450-500 per sqm, Go said, adding that residential projects are now sold at P120,000 per sqm from the previous P45,000 per sqm.
In its 25 years of operations, Megaworld has completed more than 240 residential and office buildings.