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Megaworld to put up P7.2-B mixed-use complex in Binondo
by Zinnia B. Dela Peña
The Philippine Star - 06/09/2006


Upscale real estate developer Megaworld Corp. has signed a deal with the city government of Manila to develop a 4.6-hectare property in the Binondo district into a mixed-use project estimated to cost P7.2 billion. This marks Megaworld’s first venture in Manila.

In a disclosure to the Philippine Stock Exchange, Megaworld said the first parcel of land will be developed into a modern educational complex comprising six school buildings and 414 residential units for public school teachers and non-teaching personnel of the Manila City government.

The second parcel is intended for a self-contained residential community to be called Cityplace, which will comprise more than 1,700 residential condominium units, a shopping center, office space for business process outsourcing (BPO) firms and a boutique hotel for business travelers.

The hotel, along with a centerpiece promenade accessible to residents and open to the public, is envisioned to help establish Binondo, Chinatown as an important tourist destination.

Development of the whole project is expected to be completed over a five-year period.

The educational complex is slated for completion in 2007 while the residential units are due in 2011.

Megaworld chairman and president Andrew Tan said the project will be the largest real estate development in Manila over the past 25 years. It will also pay tribute to Binondo Chinatown as a melting pot of Malay, Spanish and Chinese influences.

"Our plans for this themed development include creating new green parks for the benefit of people living and working in Binondo, constructing a public car parking facility and building new by-pass roads and pedestrian overpasses to make the project environment and pedestrian-friendly.

We have pioneered in urban renewal and redevelopment in Metro Manila’s key cities such as Makati, Quezon City and Mandaluyong City and we intend to put this expertise to energize Binondo Chinatown and take it to the next level as Manila’s premier growth center to help move the country forward," Tan said.

Megaworld Corp. is setting aside P47 billion over a 10-year period for the development of new residential projects, office buildings for BPOs, and retail outlets.

Around P20 billion of the programmed capital budget will be channelled to the construction of office buildings catering to the needs of call center companies or BPO firms and the acquisition of additional properties to expand rental income.

To take advantage of the continued robust growth of the call center business, Megaworld will build around 400,000 square meters of BPO-ready office space over the next five years in Eastwood City, Mckinley Hill and Newport City.

For this year, Megaworld is building two call center buildings. Once completed, these structures would raise the company’s BPO leasable space to 105,000 square meters.

Among the big-ticket township or residential projects of the company include the 50-hectare McKinley Hill in Bonifacio Global City, the 25-hectare Newport City near the Villamor golf course in Pasay City, and Manhattan Garden City in Araneta Center, Cubao.

These projects combined require total investments of $787 million (roughly P40.14 billion).

Of the $787 million, $350 million will go to the development of Mckinley Hill, Newport City ($300 million), and Manhattan ($137 million).

Other projects slated for completion this year up to 2008 are The Eastwood Excelsior, One Orchard Road, the Grand Eastwood Palazzo and the Eastwood Parkview. The Eastwood Excelsior is a twin-tower residential condominium building while Parkview is a Miami-style twin tower residential-cum-mall development.

Apart from property development, Megaworld is also into hotel operations through Prestige Hotels & Resorts Inc., a subsidiary which operates the Richmonde Hotel in the Ortigas Center.
 

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Cityplace is a much more prime location in my experience. It's a block away from 168 2 minutes walk to divisoria. It's not a market most people are familiar with but this is the market that pays Php 200,000 per sq.m. for RIGHTS! They do not have freehold but are just leasing it at over Php 1000 per sq.m. per month. Very good Market.
 

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This is a really impressive project, judging from the renderings I've seen earlier in Kontrobersyal, ABS-CBN. (Anyone who has screen captures of the renderings?)

It's sad to say that almost all of the students and likely about half of the faculty members oppose the relocation of Jose Abad Santos High School and Raja Soliman High School to the new location which will be developed by Megaworld into a modern school-complex with more amenities and facilities than what they currently have as a public-funded school.

Lahat ng students na ininterview nila, ayaw sa relocation ng school nila, sabi nga nung isa eh, "Ang dami-dami namang lugar na pagtatayuan ng call center, bakit dito pa sa school namin?".

Apparently, they're totally clueless as to what will be built there (thank God we at SSC know better!), they may not have even heard of Megaworld and all the projects that they've done, and judging from the renderings, this will be one the best projects of Megaworld that I’ve ever seen (well at least in the renderings it looks awe-inspiring as if it’s one of those multi-tower residential developments with massively beautiful podiums that we usually see in our Southeast Asian neighbors, I’m not sure though if the real thing would look as good because some previous projects of Megaworld would look stunning on the rendering but when built would look so-so, but at least they maximize the use of every meter of space in their projects), and dapat lang naman because it will help in the renewal of Manila’s dusty and grimy streets within that area, I just hope that it will blend with it’s surroundings, considering that the place is considered a bargain-haven, future residents may have concerns about the (sorry for the term but I can’t really think of another more appropriate word, and please, I hope this won’t fill the thread with posts regarding the use of the word jologs, we’ve had enough of that discussion already) jologs invading their place.
 

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^^ It's adjacent to Meisic Mall and near 168. Try locating Jose Abad Santos High School and Raja Soliman High School, that's exactly where it will be built, on the site of those two school.
 

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next year pa itong project.. marketing stage pa lang sila ..Joint venture kc ung cityhall at megaworld. right now nasa demolition stage pa lang yung relocation site ng mga school sa may urbiztondo St. sa san nicholas.
 

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Discussion Starter · #15 ·
Why not show these students a rendering of their new school?

I guess it's time to redevelop the Escolta-Binondo area. It's about time that this place gets a facelift. May potential ito na maging tourist attraction.

Question lang, Was the McDonald's McNuggets ad shot in Escolta? (That's the commercial where office workers were racing to get to McDonald's.)
 

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Discussion Starter · #19 ·
^^No available rendering yet on the net

Megaworld Enters into a Joint Venture Memorandum of Agreement with the Manila City Government

Under a master plan drawn up by Megaworld Corporation, the first parcel of land will be redeveloped into a modern educational complex comprising six school buildings specially equipped with an English language proficiency center. The school buildings will be complemented by a housing project with a total of 414 residential units intended by the Manila City Government for public school teachers and other non-teaching personnel. The educational complex is primarily designed to provide an environment conducive to learning. It will also host retail space intended for various providers of food and school supplies in addition to sports amenities and parks and playgrounds.

The second parcel of land, on the other hand, will give rise to a self-contained residential condominium community called Cityplace. In addition to more than 1,700 residential condominium units, Cityplace will feature a shopping center with BPO-ready office space and a botique hotel for business travelers. The hotel, along with a centerpiece promenade accessible to residents and open to the public, is envisioned to help establish Binondo Chinatown as an important tourist destination.

The cityplace project will pay tribute to Binondo Chinatown as a melting pot of Malay, Spanish and Chinese influences. According to Megaworld Chairman and President Andrew L. Tan: Megaworld is proud to undertake this urban renewal project in the heart of Binondo Chinatown as it is the largest real estate development in Manila in the last 25 years. Cityplace is our way of helping preserve and enhance the rich history of Binondo Chinatown and its multiracial and multicultural heritage. Our plans for this themed development include creating new green parks for the benefit of people living and working in Binondo, constructing a public car parking facility and building new by-pass roads and pedestrian overpasses to make the project environment-and pedestrian-friendly. We have pioneered in urban renewal and redevelopment in Metro Manila's key cities such as Makati, Quezon City and Mandaluyong City, and we intend to put this expertise to work to energize Binondo Chinatown and take it to the next level as Manila's premier growth center to help move the country forward.
 

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ganzo said:
next year pa itong project.. marketing stage pa lang sila ..Joint venture kc ung cityhall at megaworld. right now nasa demolition stage pa lang yung relocation site ng mga school sa may urbiztondo St. sa san nicholas.
just an analysis

I read on a newsweek article about blacks complaining in the US of the bleaching of traditionally black community due to economic changes.....

with the transfer of this two public school.....there would also be a "shall I use the word" molting in the divisoria area.....all the filipino would be moved to the new tondo area relocation site and new incoming GI would complete the picture of a more homogenous chinese populace at that area....
 
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