March 05, 2014

MEG to develop 9th township project

In a press statement, Megaworld Corp yesterday announced that it will be developing a 12.3-hectare property into its ninth township project which will be called Woodside City. The company said it will be spending P35b to develop the project over 10 years.

 Our take: The property is located along the C5 circumferential road and between the Ortgias and Bonifacio Global City central business districts. It is also between two of the more successful townships of MEG, Eastwood City and McKinley Hill. To put things in perspective, Eastwood City (MEG’s first township development) is around 17 hectares.

 While relatively smaller, we believe that Woodside City is strategically located and thus poses as an attractive alternative to the nearby CBDs for both the residential and BPO office leasing markets. MEG intends to launch the first (of three office towers) next year for completion by 2017. – WealthSec