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Tuesday, May 27, 2014

Megaworld to expand Eastwood City

Megaworld Corp is beefing up its first cyber park in the Philippines with the expansion of Eastwood City, capitalizing on the robust demand for office and commercial spaces in the township in Libis, Quezon City.

In a briefing, Megaworld senior vice president Jericho P. Go said the holding firm for the real estate businesses of Alliance Global Group Inc is adding 1.5 hectares to Eastwood City with the acquisition of a property located on the eastern part of the township along Eastwood Palmtree Avenue beside the Eastwood Le Grand Tower 3.

The acquisition will bring the total land area of Eastwood City to 18.5 hectares from the existing 17 hectares.

Megaworld is lining up at least three high-rise towers that will combine residential, office and commercial components in a cluster. This marks the first time that the real estate developer will develop a mixed-use tower offering a "city within a building" outside two projects in Cebu.

The first phase of the expansion over a four-year period will accommodate around 100,000 square meters of office spaces, generating direct and indirect employment for 200,000 people.

"The advantage of Eastwood City particularly on the BPO side is there is pent up demand for 30,000 to 50,000 square meters of office space. They are just waiting for that building to be right there," Go said.

The expansion area will also accommodate 600 residential units and 9,000 square meters of commercial space with all towers having leasable commercial spaces at the ground levels.

After the acquisition of the 1.5-hectare property, Megaworld is scouting for more land to expand its township, said Harold C. Geronimo, head of the company’s communications group.

In the last 15 years, Megaworld has transformed the former textile mill into Eastwood City, its pioneering "live-work-play" mixed-use township that gave birth to the booming business outsourcing industry, one of the drivers of the Philippine economy, said Geronimo.

Today, Eastwood City is home to about 60,000 IT and BPO workers in 59 companies, making it the biggest cyberpark in the Philippines in terms of workforce. It is also home to around 25,000 residents and about 500 commercial and retail partners.

Eastwood already has 10 office buildings, 19 residential condominium towers, three lifestyle malls with an average daily foot traffic of 100,000 and the Eastwood Richmonde Hotel.

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