Megaworld to build P1.2-B ‘iconic’ Davao office tower

Megaworld Corp. will invest P1.2 billion to build what it calls an “iconic” state-of-the-art office tower at the Davao Park District.

The Davao Finance Center will be the first establishment to rise at the Davao Park District which, according to Megaworld senior vice president Jericho Go, will become “a landmark for business, trade and commerce, especially for the information technology and business process outsourcing (IT-BPO) in Mindanao.”

Over the next five to seven years, Megaworld has earmarked P15 billion for the development of the township project in Davao—its first in Mindanao. 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.

At least four IT-BPO companies have already expressed interest to set up operations at the Davao Finance Center, Go said in a statement yesterday. Most of the companies will be entering Mindanao for the first time.

The tower will stand right on the corner of Dakudao Avenue and Megaworld Avenue. Construction will begin early next year.

“The Davao Finance Center will mirror Davao City’s booming economy,” Go said.

Once completed in 2016, the first phase of the Davao Finance Center is expected to generate around 8,000 jobs.

“Davao City is on track to become Mindanao’s IT-BPO hub. And the existence of centers of excellence ensures that there is enough supply for highly skilled human resource to meet the demand,” Go said.

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.

Megaworld, which is led by tycoon Andrew Tan, pioneered cyberpark developments in the country when it opened Eastwood City in 1999—the country’s first cyberpark accredited by the Philippine Economic Zone Authority (Peza). Today, Eastwood City, has 21 residential condominiums, 11 office towers, over 100 companies, and 60,000 office workers—the largest of its kind in the country.

Other Megaworld townships are the 50-hectare McKinley Hill, the 34.5-hectare McKinley West, the 5-hectare Forbes Town Center, and the 15.4-hectare Uptown Bonifacio in Fort Bonifacio; the 12.3-hectare Woodside City in Pasig; the 25-hectare Newport City in Pasay; the 72-hectare Iloilo Business Park in Mandurriao, Iloilo City; and the 28.8-hectare The Mactan Newtown in Lapu-Lapu City, Cebu.