Megaworld investing P1.5B in Davao office tower

Screengrab from www.megaworldcorp.com

MANILA, Philippines—Tycoon Andrew Tan-led property developer Megaworld Corp. is investing P1.2 billion to build what it envisions to be an “iconic” and “state-of-the-art” office tower at the Davao Park District.

“The iconic 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,” Megaworld senior vice president Jericho Go said in a press statement on Thursday.

For the next five to seven years, Megaworld has earmarked P15-billion for the development of this township project in Davao, its first in Mindanao. Envisioned to be the central business district of Davao, the township will have office towers, commercial and retail strips, open parks and lagoon, and themed-residential condominiums by Suntrust Properties, Inc., a wholly- owned subsidiary of Megaworld.

For the upcoming office tower, at least four IT-BPO companies have already expressed interest to set up operations at the Davao Finance Center, most of which are entering Mindanao for the first time, Go said.

The tower will stand right at the corner of Dakudao Avenue and Megaworld Avenue, envisioned to become the township’s main artery passing through the commercial, office, and residential areas. Construction is planned to commence early next year.

“The Davao Finance Center will mirror Davao City’s booming economy,” he added.

Due for completion by 2016, the first phase of the Davao Finance Center is estimated to generate around 8,000 jobs.

Davao City, which is Mindanao’s center of trade, commerce, and education, is home to over two million residents and several topnotch universities including the Ateneo de Davao University, University of the Philippines – Mindanao Campus, and the University of Mindanao, among others.

RELATED STORIES

Megaworld set to expand cyberpark Eastwood City

Megaworld nets P2.69 billion in first quarter

Megaworld to put up 5 new hotels in Mactan worth P8B