Megaworld to pour P15M in Lanang dev’t-A A +A
Wednesday, March 19, 2014
PROPERTY giant Megaworld is set to develop a P15-billion modern township in an 11-hectare property in the northern part of Davao City in the next five to seven years.
A township is a mixed used property development that includes residential and commercial condominiums, business process outsourcing (BPO) centers, and food and beverage establishments, all in high-rise structures.
Considered the country's largest mixed-use developer will pour in their multi-billion investment in the project that will be called Davao Park District (DPD), Megaworld's 10th township project and Mindanao's first.
The project is a joint venture with one of the city's prominent clans, the Dakudao Family.
The township will rise along the S.P. Dakudao Loop in Lanang, Davao City, which used to be the Lanang Golf and Country Club.
Once completed, the project is expected to generate at least 20,000 jobs as it is being eyed as a major center for information technology and business process outsourcing (IT-BPO) on the island.
"The project is set to start as soon as we are done with our plans and file the appropriate permits....The first building to rise at Davao Park District will definitely be an office tower. We are committed to generate around 20,000 jobs in the township in the next five years," said Jericho Go, Megaworld's first vice president.
He said they are looking at Megaworld's 130 existing tenants, mostly big IT-BPO companies and multinational corporations, to expand their operations in the city once the Davao project is completed.
"We are talking to them to come to Davao City and some of them already expressed interest to expand their operations in the city," Go said.
This early, he said, there are five to ten IT-BPO companies that are willing to expand in the city.
"But it's not all about the numbers because even if there is only one (locator), 'yong one na 'yan kaya nyang buhayin ang buong building at kaya n'yang maglagay ng 3,000 to 5,000 employees, which is what happened to Cebu and Iloilo cities," Go said.
Go said they are pouring in a multi-billion investment in the city to take advantage of its transformation into a major economic center of the country.
"This city has an impressive track record as an investment and business-friendly city, and a city where peace and order are truly your local government's top priority," he said.
Go said the Davao Park District will comprise of state-of-the-art office buildings, a lifestyle mall, commercial and retail hubs, open parks and lagoon, a school and themed residential condominiums to be built by Suntrust Properties, a wholly owned subsidiary of Megaworld.
Based on a recent study by third-party research firm Colliers Research International, Megaworld remains to be the country's number 1 office developer and landlord.
Megaworld recently announced that its office space inventory would reach 712,000 square meters this year, the biggest in the industry.
Davao Park District will be Megaworld's 10th township in the Philippines.
In 1999, the company introduced its first township, the 17-hectare Eastwood City in Libis, Quezon City, which is known to be the country’s first cyberpark that saw the birth of the BPO industry in the Philippines.
Other successful townships developed by Megaworld include the 50-hectare McKinley Hill, the 5-hectare Forbes Town Center, the 34.5-hectare McKinley West, and the 15.4-hectare Uptown Bonifacio, all in Fort Bonifacio; the 25-hectare Newport City in Pasay City, which is home to the famous Resorts World Manila; the 12.3-hectare Woodside City along C-5, Pasig City; the 28.8-hectare The Mactan Newtown in Lapu-Lapu City, Cebu; and the 72-hectare Iloilo Business Park in Mandurriao, Iloilo City.
Published in the Sun.Star Davao newspaper on March 20, 2014.