Developer sees mall space portfolio of 1.4-M sqm by 2020
MEGAWORLD Corp., the property vehicle of tycoon Andrew Tan, is allotting P4 billion to construct two new malls in Uptown Bonifacio.
Both the Uptown Place and Uptown Parade will be opened to the public by the end of 2015.
In a press briefing, Megaworld First Vice President Kevin Tan said the malls will provide 110,000 square meters (sqms) of gross floor area (GFA) for the company’s commercial mall portfolio, in line with the aim of increasing it by 1.4 million sqms by 2020.
“Currently, we have 304,000 sqms of GFA for malls. These two malls will add another 110,000 sqms, so the GFA for malls will now account for 414,000 sqms,” Tan said.
“By 2020, GFA will be about 1.4 million sqms,” he added.
The Uptown Place and Uptown Parade are Megaworld’s 10th and 11th malls, with the existing malls in Eastwood, Fort Bonifacio, Newport, Forbes Town and Binondo.
Harold Geronimo, head of Megaworld’s Public Relations and Communications group, said the two malls are part of the company’s goal of opening 20 more malls towards 2020 and to reach a total of 31 malls.
Uptown Place is a 5-storey upscale mall covering 85,000 sqms of retail spaces located at the heart of Uptown Bonifacio, along 9th and 11th Avenues and 36th and 11th Drive.
Having an “innovative concept,” Uptown Place will have 11 international food brands offering new food concepts, state-of-the-art cinemas including Megaworld’s Signature Ultra Cinemas, rooftop sky plaza overlooking Uptown Bonifacio skyline, lifestyle tower, chapel, Las Vegas-style water feature and al fresco dining areas.
Anchor tenants would include Rustan’s Supermarket, Robinsons Appliances, Toys R Us, True Value, National Bookstore and Hamley’s.
Uptown Parade, on the other hand, is a two-level “dining mall” offering 25,000 sqms of al-fresco dining spaces that will accommodate the newest foreign restaurants serving international cuisines. The dining strip is projected to become the newest “dining hub” in Manila.
The dining mall features its anchor tenant, The Palace Superclub, which will have over 8,000 sqms of party space that can accommodate around 10,000 people. It now houses the Valkyrie Nightclub and The Palace Pool Club, which are both opened to the public.
From 2015 to 2019, the company is budgeting P285.8 billion in capital expenditures for expansion and to grow its net income by 10 percent yearly towards 2019. The P65 billion of the five-year capex is set to be used this year.