By Arra B. Francia, Reporter
MEGAWORLD CORP. has partnered with the Bases Conversion and Development Authority (BCDA) for the property management of the 160-hectare Bonifacio Capital District (BCD) in Taguig City.
The listed property developer signed on Thursday a memorandum of agreement (MoA) with BCDA for the new district on the southern part of Fort Bonifacio, which will encompass Megaworld’s existing developments such as the 54.3-hectare McKinley Hill and the 34.5-hectare McKinley West.
BCD will also include properties owned by BCDA, namely the 26-hectare Philippine Navy Village, the 33.1-hectare Bonifacio South Pointe in partnership with the SM Group, the 10.1-hectare Consular property beside McKinley West, and a one-hectare lot.
Under the agreement, Megaworld and BCDA will create a Policy Review Board (PRB) that will set the policies and restrictions for the execution of BCD’s masterplan.
“The PRB is one of the most important, if not the most important body of any development,” BCDA President and Chief Executive Officer Vince B. Dizon said in a press briefing after the MoA signing in Taguig on Thursday.
“It is in charge of ensuring the right execution of the development. It’s in charge of the urban designs, ensuring that each and every locator in the property follows these guidelines, and is in charge of the short, medium, and long-term development of the entire property,” Mr. Dizon explained.
Mr. Dizon noted how the absence of a masterplan in most cities in the Philippines has given rise to “not so ideal conditions” for businesses, as well as for the people residing and working in those cities.
Megaworld Senior Vice President and Chief Strategy Officer Kevin Andrew L. Tan said the execution of the masterplan will include traffic management, landscaping of major roads, and security management, among others.
“In the next five years, after completing the road developments, utilities network and the subway project, we will be focused on traffic management, which includes development of bike lanes and pedestrian networks as well as deployment of traffic marshals,” Mr. Tan said in the same event.
The company will also expand the CCTV monitoring within the district, which will be incorporated into its Central Command Center in McKinley Hill.
Megaworld is currently developing commercial, residential, office, and institutional properties in McKinley Hill and McKinley West spanning about 1.26 million square meters (sq.m.) in gross floor area (GFA). The company expects to finish another 2.1 million sq.m. in GFA within the next 10 years from proposed mixed-use developments on undeveloped lots in the district.
BCD will also house several government institutions in the future, namely the Senate of the Philippines, the Supreme Court, and the Court of Appeals.
The company also noted that BCD will house one of the proposed stations, Lawton East Station, which will be part of the Metro Manila Subway to be completed by 2025.
Megaworld is the property arm of tycoon Andrew L. Tan’s Alliance Global Group, Inc., whose investments also include liquor, gaming, and quick-serviced restaurants.
Shares in Megaworld climbed 2.22% or 12 centavos to close at P5.53 each at the stock exchange on Thursday.