Megaworld hikes investment in Bonifacio Global City township project
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MANILA - (UPDATED 4:04 p.m.) Megaworld Corp. is poised to increase its investment in a 15-hectare integrated township development in Bonifacio Global City because of strong demand and a brighter outlook.
In a disclosure, the upscale property firm of Andrew Tan-led Alliance Global Group Inc. said it will pour P65 billion in Uptown Bonifacio over the next 20 years, higher than the initial allocation of P45 billion.
Uptown Bonifacio will feature 18 towers, offering a 500,000 square meters of residential space, 400,000 square meters of office space, and 90,000 square meters of retail space.
"Uptown Bonifacio, touted as the newest business district in the Philippines, will take Megaworld’s renowned live-work-play lifestyle to new heights,” said Noli Hernandez, Megaworld senior vice president for marketing.
Rising in Uptown Bonifacio is the P8-billion Uptown Ritz Residence, the company's first ultra-luxurious, all-suites condominium project in the township.
Sales for the 45-storeyUptown Ritz have been "exceptionally brisk,” Megaworld said.
“We have never experienced such tremendous optimism in the real estate market in the last 15 years,” said Hernandez.
Aside from retail attractions, Uptown Bonifacio will house a P12-billion corporate block with four towers along Megaworld Avenue, the district’s main avenue.
The upcoming 140,000-square-meter corporate center will be constructed under the BERDE (Building for Ecologically Responsive Design Excellence) rating system.
The mixed-use Uptown Bonifacio project is located in the northern district of Fort Bonifacio, extending all the way to Kalayaan Avenue. It is near the British, Japanese and American international schools.