Tycoon Andrew Tan-led Megaworld Corp. is investing around P28 billion in the next 10 years to develop a new central business district in Bacolod, to be called “The Upper East” in apparent reference to Manhattan’s upscale neighborhood.
“The Upper East will be the city’s first master-planned mixed-use community that integrates the live-work-play components of an integrated urban township, the concept that Megaworld pioneered in the Philippines. Around 35 percent of the township will be dedicated to parks and open spaces. We are excited to build Bacolod’s new and modern central business and lifestyle district,” Rachelle Peñaflorida, vice president for sales and marketing for Megaworld Bacolod, said in a press statement on Monday.
The 34-hectare The Upper East in the eastern district of the city is just a few blocks away from the Bacolod City government center.
The estate will be home to condominiums, malls and commercial centers, mixed-use buildings, state-of-the-art office towers, hotels and other facilities such as a transport hub, church and open parks.
Megaworld will also build there a New York-inspired lifestyle mall, with one building akin to the Grand Central Station.
Centuries-old acacia trees will adorn the development, as Megaworld vowed to preserve them to become part of the township’s unique character and design.
Another main highlight of the township will be Casa de Emperador, intended to be an “iconic” mixed-use structure featuring a unique architectural design.
Among the first development in the township is a nine-story residential condominium development, Megaworld’s first in Bacolod City. To be called One Regis, this mid-rise residential development offers units ranging from studio (up to 37 square meters), one-bedroom (up to 58 square meters), and two-bedroom (up to 73 square meters).