Andrew Tan-led Megaworld Corp. is expanding its Quezon City-township, Eastwood City, by more than a hectare to accommodate demand for more office and commercial space.
Eastwood City, Megaworld’s first mixed-use development in the country, is set to expand by more than 1.5 hectares, bringing the total land area of the township to 18.5 hectares.
The expanded area is master-planned to house 100,000 square meters of office space, 600 residential units, and 9,000 sqms of commercial space.
In a filing with the Philippine Stock Exchange, the listed property firm said it has acquired a property located on the eastern part of the township for the expansion plan.
“We had envisioned the expansion of this township years ago, and now, it is happening,” Jericho Go, Megaworld senior vice president, said in a statement.
“The tremendous success of Eastwood City as the country’s first cyberpark has attracted thousands of Filipinos to live here, hundreds of IT [Information Technology] and BPO [Business Process Outsourcing] companies to operate here,” he added.
According to him, at least three office towers are in the expansion pipeline. First to rise will be a high-rise mixed-use tower that combines residential, office and commercial space in a cluster.
The company is projecting to accommodate around 100,000 square meters of office spaces that will be built progressively over the next few years and around 600 residential units in the Eastwood 1.5-hectare expansion plan. All towers will have leasable commercial spaces at the ground levels.
However, the company declined to provide the investment cost for the expansion when asked.
To date, Eastwood City currently has 10 office buildings, 19 residential condominium towers, three Megaworld lifestyle malls and the Eastwood Richmonde Hotel.