SAN FERNANDO, PAMPANGA — Megaworld Corp. will be developing a P30-billion township in San Fernando, Pampanga over the next ten years, its first integrated project in Central Luzon.
The 35.6-hectare Capital Town is envisioned to serve as Pampanga’s central business district with residential towers, office buildings, a mall, retail hubs, school, ampitheater, and events venues.
The Andrew L. Tan-led property company will begin land development of what used to be the site of Pampanga Sugar Development Company this year, after acquiring the parcel of land from the Escolar family.
It is located near the Pampanga Provincial Capitol, and is within five minutes from the North Luzon Expressway and 30 minutes from the Clark International Airport.
“Currently we’re focusing on the infrastructure, the roadways… Public works and infrastructure will already start. This will be in place in the next two to three years,” Megaworld Pampanga First Vice-President for Sales and Marketing Eugene Em Lozano said in a press briefing in Pampanga on Thursday.
Around 25% of Capital Town will be allotted for open space, including road networks. It will have a six-lane main road called San Fernando Boulevard traversing from Capitol Boulevard all the way to Jose Abad Santos Avenue (Olongapo-Gapan Road).
Megaworld is looking to attract business process outsourcing (BPO) companies to set up shop in Capital Town. The company is targeting to have a gross floor area of 300,000 square meters for the BPO spaces alone.
“Based on initial studies, there has been a clamor for more office spaces for BPOs here in Pampanga, specifically in San Fernando… We see an opportunity here, that’s why we’re building,” Mr. Lozano said.
According to the company’s estimates, companies in BPO, transport, retail, food and construction sectors will produce around 250,000 direct and indirect jobs inside the township.
Capital Town’s so-called “crown jewel” will be six-hectare ShopHouse District, which will have low-rise, three-level shophouses with post-colonial architecture. The company will offer 98 lots, ranging from 276-680 square meters, worth P1.7 billion.
“We will be selling lots to those who want to build their businesses, and at the same time, live there. The first two lower levels may be dedicated for the business while the topmost floor may be used for their residence,” Mr. Lozano was quoted as saying in a statement released during the briefing.
While primarily designed to become a business hub, Megaworld will also be establishing a heritage museum within the estate to honor the province’s cultural heritage, according to Mr. Lozano.
“In 10 years, Pampanga will see a CBD that is not only a showcase of homegrown businesses and entrepreneurs, but also a center for local arts and culture,” he said.
For the first quarter of 2017, Megaworld’s net income went up 11% to P2.9 billion, as consolidated revenues jumped 5% to P12 billion.
Shares in Megaworld lost a centavo to close at P4.69 apiece on Thursday. — Arra B. Francia
