May 26, 2014

MEG expands Eastwood township

In a press statement yesterday, Megaworld Corp said it has acquired a 1.5-hectare property adjacent to its Eastwood City township project. This will bring the total land area of Eastwood City to 18.5 hectares. MEG is looking to build three mixed-use towers on the newly acquired property that can accommodate another 100,000 sqms of office space and 600 residential units over the next few years.

Our take: Eastwood City is MEG's first successful mixed-used township project. It has attracted a good traffic of retail and commercial customers that should render the expansion project viable even with limited marketing and promotional effort. MEG said that Eastwood City now houses 59 IT and BPO companies with an estimated 60,000 employees as well as 25,000 residents and 50 commercial and retail partners.– WealthSec