Ideas & Opportunities
Megaworld to develop new section of Fort Bonifacio
Jul 25, 2011
Real estate giant Megaworld Corporation announced its plan to develop the 7.1 hectare property of the National Police Commission in Fort Bonifacio, Taguig into a P25 billion business complex.
The multi-billion complex will house business process outsourcing offices and office support services.
In a disclosure to the Philippine Stock Exchange, Megaworld said that the development of the property is an undertaking of NAPOLCOM and the Bases Conversion Development Authority with a Megaworld-led consortium under a joint venture agreement.
The project is one of the several property developments being undertaken by the real estate firm in Fort Bonifacio, dubbed as Uptown Bonifacio. Once completed, the project will feature an integrated setting aligned with Megaworld’s vision to build complete “live-work-play-learn” communities.
Uptown Bonifacio will significantly expand Megaworld’s current BPO office space portfolio of more than 380,000 square meters of space. The employment generated by the project is seen to contribute to the economy and the continued rise of the local BPO industry, which is estimated to grow from US$9 billion to US$25 billion in annual revenue in 2016, and to generate as much as 1.3 million jobs in the same year.
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