Megaworld to invest P23B to expand office space inventory in Fort Boni

To address the strong demand from the business process outsourcing (BPO) industry, property developer Megaworld Corp. is beefing up its office space inventory in Fort Bonifacio through a capital outlay of P23 billion.

In a press briefing Wednesday, Megaworld senior vice president Jericho Go announced the launch of a new 17-story office tower called 10 West Campus, which would add 32,000 square meters (sq m) to its leasable office space in McKinley West, Fort Bonifacio.

“We are upbeat about McKinley West because this township stands on a very premium location right beside Forbes Park and has a convenient, fast access to the Makati CBD (central business district), C5 road, South Luzon Expressway and the Ninoy Aquino International Airport,” Go said.

Megaworld previously allotted P20 billion to build office space in various townships in Fort Bonifacio, aiming for 650,000 sq m of inventory by 2018.  With the expansion in McKinley West, capital spending was now projected to reach P23 billion to build a total inventory of 700,000 sq m.

This latest move was seen cementing Megaworld’s status as the biggest office landlord in the country, with an office portfolio exceeding one million sq m across the country by 2019. Within the next two years, the company would already have more than 30 office towers in Fort Bonifacio alone.

Apart from Eastwood City and Fort Bonifacio, the group is also developing office buildings in new areas like Cebu and Iloilo.

The latest office tower, 10 West Campus, is targeted for completion by end-2017 or early 2018.