Property giant Megaworld Corporation is stepping up the construction of its office towers in its Mckinley West township project in Bonifacio Global City, Manila Times sources said on Wednesday.
This developed as the Philippine Economic Zone Authority (PEZA) declared the township project as an economic zone for the Information Technology and Business Process Outsourcing (IT-BPO) sector.
Megaworld’s six campus-type office towers are within the 34.5-hectare Mckinley West township project at the southern part of Fort Bonifacio, beside the upscale Forbes Park in emerging Taguig City.
Being a special economic zone, business owners and investors operating inside the township will now be given privileges, such as income tax holidays, duty free importation of capital equipment, and other non-fiscal incentives.
However, real property taxes on land will still be paid by the developer.
Megaworld Senior Vice President Jericho Go said the company’s BGC office spaces have been enjoying huge demand.
“We are now experiencing an overwhelming demand for office spaces in our various townships and a big chunk of the demand pie comes from Fort Bonifacio,” said Go. “In McKinley West, the demand is focused on campus-type buildings with higher efficiency floor plates, easy access to office floors via internal staircases, and branding rights for whole building occupiers.”
With a total of 60,000 square meters of office space, Megaworld’s six-tower office development in Fort Bonifacio is part of the firm’s 350,000 square-meter office space expansion plan for the entire township project.
The office towers could generate around 20,000 jobs once completed, company officials said.
Megaworld currently has 700,000 square meters of office space inventory, of which 300,000 square meters of the inventory are in Fort Bonifacio, particularly in McKinley Hill.
The company earlier announced that it is allocating P20-billion to expand its office portfolio in Fort Bonifacio until 2018.
“We are optimistic that we will be able to reach one million square meters of leasable office spaces even before 2018,” said Go.
Megaworld remains to be the biggest single developer and landholder in the former military camp with approximately 105 hectares of land for its four township developments, namely, McKinley Hill with 50.4 hectares, McKinley West with 34.5 hectares, Uptown Bonifacio with 15.4 hectares, and Forbes Town Center with 5 hectares.