Megaworld ups Global City investment to P65B

Business Mirror - Megaworld Corp., the flagship property arm of billionaire Andrew Tan, is increasing its investments in a 15-hectare mixed-use complex called Uptown Bonifacio by 44 percent to P65 billion over a 20-year period. 

Uptown Bonifacio, located within Bonifacio Global City in Taguig City, will feature up to 18 towers, offering a total potential development of 500,000 square meters of residential space, 400,000 sq m of office space and 90,000 sq m of retail space, a statement on Tuesday showed.

Senior Vice President for Marketing Noli Hernandez said the upgrade was made to reflect a more positive
outlook for real estate in the Fort Bonifacio area. For instance, sales for an all-suites condominium in the development, dubbed Uptown Ritz Residence, have been brisk.  

Uptown Ritz units are expected to fetch P8 billion in sales, once fully taken up.  

Aside from retail attractions, Uptown Bonifacio will have a P12-billion, 140,000-sq-m corporate block with four towers set along Megaworld Avenue, the district’s main avenue.

The upcoming corporate block will be constructed under the Berde (Building for Ecologically Responsive Design Excellence) rating system. Its office buildings will showcase cutting-edge architecture, double-glaze glass walls, sky gardens and a lagoon.

Megaworld shares rose 0.89 percent to P2.26 each on Tuesday, giving the builder a market value of almost P58 billion.

For more details on Uptown Bonifacio, you may e-mail reby_ramirez@yahoo.com or contact her at 0922.883.9308 / 0916.4044.555 / 0919.699.3572 / 4044-534.

For latest update on real estate development and its RA 9646, the Real Estate Service Act of 2009, visit www.ra9646.com.