Property giant Megaworld Corp. is bullish about the Davao office market as it is set to build two more office towers in the said city, the company announced on Tuesday.
In a disclosure to the Philippine Stock Exchange, the company said it is ramping up its office developments in the 11-hectare Davao Park District in Lanang, Davao City.
The two office towers, namely One Republic Plaza and Emperador House, will add 30,000 square meters of office space into the township’s office portfolio, bringing the total office inventory in Davao Park District to around 50,000 square meters.
At present, Megaworld is constructing the P1.2 billion, 15-storey Davao Finance Center inside the township, which offers a total of 20,000 square meters of leasable space.
Megaworld noted that the One Republic Plaza will be a 10-storey office tower, and the Emperador House a six-story development featuring European-inspired architecture.
“Named after the world’s largest brandy company and Megaworld’s sister company, the Emperador House will be an ‘iconic landmark’ of Davao Park District along the township’s main avenue,” Megaworld said.
Megaworld Senior Vice President Jericho Go said the development of the two additional office towers sets off the firm’s expansion in terms of office offerings.
“This is just the start of our expansion of office offering,” Go said. “Being in one of the top BPO destinations in the country, we see an upward tick in the demand for office spaces in Davao City in the next three years. Megaworld is committed to respond to this demand so companies will not think twice of locating here.”
At present, Megaworld is the country’s largest lessor of office spaces, with an inventory of around 800,000 square meters nationwide. At 130, it has the biggest number of companies in its roster of existing office space clients, most of which are from the information technology and business process outsourcing industry.
“We will certainly bring first-time, new locators to Davao City. That’s the same thing that we are doing to other cities like Iloilo and Lapu-Lapu City in Cebu. There are so many skilled talents for the BPO sector here, and we are sure about Davao City being a ‘hot’ pick for location,” Go said.
Megaworld expects total direct and indirect jobs to be generated in the township to reach 100,000 in 2020.
The company said it is also building a retail row and shophouses around the township development. The firm noted plans of putting up a hospital and a school inside the township are also underway.
For the residential component, Megaworld subsidiary Suntrust Properties Inc. is scheduled to launch two residential towers within the year.
To date, the three towers of the residential condominium cluster, One Lakeshore Drive are almost sold out, according to Megaworld.
“Megaworld’s commitment to nation building and spreading the economic prosperity to the provinces remains. In the next five years, we hope to see more and more people coming home to the provinces because they find more opportunities here. This way, we also help decongest Metro Manila,” Go said. Catherine Talavera