MEGAWORLD CORP. is investing P28 billion over the next 10 years to develop its first integrated township in Bacolod City, which is being positioned as a new business district.
The property company, controlled by Andrew L. Tan, said it will start construction of the 34-hectare project, to be called The Upper East. The township located near the Bacolod City Government Center will feature a 30-meter, six-lane road, Upper East Avenue, as well as old-growth Acacia trees that have been preserved and incorporated into the project’s design.
“The Upper East will be the city’s first master planned mixed-use community that integrates the live-work-play components of an integrated urban township… Around 35% of the township will be dedicated to parks and open spaces. We are excited to build Bacolod’s new and modern central business and lifestyle district,” Megaworld Vice President for Sales and Marketing Rachelle Peñaflorida said in a statement.
The company initially launched the project in 2015, and will start construction of residential condominiums, malls, commercial centers, mixed-use buildings, office towers, hotels and other facilities such as a transport hub and open parks.
The project takes its inspiration from New York’s upscale neighborhood of the same name. Megaworld will build a lifestyle mall consisting of retail, entertainment, and leisure offerings, including a section patterned on Grand Central Station.
The first structure to rise within the development will be One Regis, a nine-storey residential condominium.
One Regis will offer studio units of up to 37 square meters (sq.m.), one-bedroom units of up to 58 sq.m., and two-bedroom units covering up to 73 sq.m.
Amenities in the mid-rise development will be located at the second floor, including a swimming pool, kiddie pool, pool lounge, seating areas, fitness center, events hall, shower rooms, and a walk park.
“One Regis will be located right across the township plaza and beside the iconic Casa de Emperador. It will also be just a short walk away from the future mall development. It will be a perfect sanctuary for those wanting to live the township lifestyle that only Megaworld can offer in Bacolod City,” Ms. Peñaflorida said.
Megaworld’s net profit attributable to equity holders of the parent rose 11% to P3.2 billion during the first quarter, driven by a 10% increase in revenue to P13.1 billion.
The company is one of the core units of Mr. Tan’s Alliance Global Group, Inc., which also has interests in liquor, gaming, and quick-service restaurants.
Megaworld closed flat at P4.70 on Monday. — Arra B. Francia
