Megaworld Corp., the real estate arm of Andrew Tan’s Alliance Global Group Inc. (AGI), will construct a 15-story office tower inside the group’s P15-billion mixed-use development in Davao, which is envisioned to become Mindanao’s IT-BPO hub.
In a disclosure to the Philippine Stock Exchange on Thursday, the listed property firm said it is constructing a P1.2-billion office tower in the Davao Park District, the city’s first master planned central business district.
As part of the first phase of the township’s overall office development, Davao Finance Center will be ready for construction starting early next year, and is expected to be completed in 2016.
“The Davao Finance Center will be the first to rise in Davao Park District because we envision it to be a landmark for business, trade and commerce, especially for the information technology and business process outsourcing [IT-BPO] in Mindanao,” Jericho Go, senior vice president in Megaworld, said in a statement.
According to the firm, at least four IT-BPO companies have already expressed interest to set up operations at the office tower, most of which are first-time locators in Mindanao.
“Davao City is on the right track to become Mindanao’s IT-BPO hub. There is an abundance of highly-skilled human resource, and the existence of centers of excellence ensures that there is enough supply for highly-skilled human resource to meet demand,” Go further said.
The Davao Park District is Megaworld’s first township development in Mindanao.
Megaworld earlier said it is spending as much as P15 billion for the development of the township in the next five to seven years.
Envisioned to be the central business district of Davao, the township will have office towers, commercial and retail strips, open parks and a lagoon.
The township will also have themed-residential condominiums, which will be developed by Suntrust Properties Inc., a wholly-owned subsidiary of Megaworld.
It was reported recently that Megaworld 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 square meters of commercial space.