Megaworld hikes Bacolod township investment

MANILA, Philippines — Andrew Tan-led property giant Megaworld is hiking by P10 billion its capital spending for its 34-hectare township near the Bacolod Government Center.

Megaworld, in a stock exchange filing, said the investment for the company’s Bacolod townships has been increased to P45 billion from P35 billion.

The company in 2015 announced it was pouring in P35 billion over a period of 10 years to develop two townships in Negros Occidental – the 50-hectare Northill Gateway in the boundary of Talisay City and Bacolod City, and The Upper East.

“We are adding P10 billion more to our investment for The Upper East as we see great potential and opportunities for this new township, which is now fast rising to be Bacolod’s first modern central business district,” Megaworld Visayas vice president for sales and marketing Jennifer Palmares-Fong said.

Megaworld has already completed the construction of the 12-story One Regis in The Upper East, its first residential condominium project, which is due for turnover within the year.

The company recently topped off the second tower, the 14-story Two Regis, which is set to be completed next year.

Megaworld said two more condominium towers are in the construction pipeline, the 14-story One Manhattan and the recently-launched 12-story Herald Parksuites.

The company also has an inventory of around 1,000 units in The Upper East.

Meanwhile, Megaworld formally opened the Upper East Avenue, its eight-lane main avenue inside The Upper East.

The Upper East Avenue, which is composed of six road lanes and two on-street parking lanes, is open for both private and public vehicles, subject to the traffic rules and regulations of its own estate management group that will deploy traffic marshals around the area.

Megaworld said the opening marks an important milestone for The Upper East as it showcases the kilometer-long stretch of the township, with several areas having simultaneous construction activities.

“Our first BPO office tower development, No. 1 Upper East Avenue, has also started its construction. Soon, we will also begin the construction of our commercial developments in this township. Indeed, exciting times are up ahead in The Upper East,” Palmares-Fong said.

Secondary roads within The Upper East, which will be at least 20-meters wide, are also now being completed, according to Megaworld.

An extensive network of bike lanes is also planned inside the township to help promote efficient and convenient mobility.

The Upper East will soon have its own Megaworld Lifestyle Mall, commercial parks, hotel, church, and other institutional and recreational facilities.