Property developer Megaworld Corp. said Wednesday it will spend P15 billion to develop an 11-hectare lot in the former Lanang golf course into a new central business district in Davao City.
Megaworld said in a statement the amount would be used to transform the property along S.P. Dakudao Loop in Lanang into a township called Davao Park District. The project, the first township of Megaworld in Mindanao, will rise on the former site of Lanang Golf and Country Club.
“Davao City is the economic center of Mindanao. This is the best place to build our very first township in southern Philippines, which we envision to be Mindanao’s new central business district,” Megaworld chairman and chief executive Andrew Tan said.
The company said office towers designed for BPO companies and other corporate offices would be the first to rise in the new township.
Megaworld earlier said its office space inventory was expected to reach 712,000 square meters this year, the biggest in the industry.
“As the country’s largest office developer and landlord, we will also be bringing our expertise and leadership in the development of state-of-the-art office towers to Davao City. We hope to bring in new BPO locators to set up operations in the city,” Megaworld first vice president Jericho Go said.
Aside from the office towers, Davao Park District will also feature themed residential condominiums that will be built by Suntrust, a wholly-owned subsidiary of Megaworld.
The township project will also have a lifestyle mall, commercial and retail strips and a school.
“We are excited to revitalize the landscape of Davao City with our live-work-play-learn concept for this mixed-use development. This is like bringing Eastwood City to Mindanao,” Go said.
Davao Park District will be Megaworld’s10th township in the Philippines.
Other township projects of Megaworld include the 17-hectare Eastwood City in Libis, Quezon City; the 50-hectare McKinley Hill; the five-hectare Forbes Town Center both in Fort Bonifacio; the 25-hectare Newport City in Pasay; the 28.8-hectare Mactan Newtown in Lapu-Lapu City; the 72-hectare Iloilo Business Park in Mandurriao Iloilo City; and the 15-hectare Uptown Bonifacio and the 34.5-hectare McKinley West both in Fort Bonifacio.