MANILA, Philippines - Megaworld Corp. on Wednesday said it is developing its first township development in Mindanao.
In a statement, Megaworld said it is allocating P15 billion to develop the Davao Park District in the next five to seven years. The Davao Park District is envisioned to be a central business district and business process outsourcing hub.
The property is located on an 11-hectare property along the S.P. Dakudao Loop in Lanang, Davao City, which was previously the Lanang Golf and Country Club.
"Davao City is the economic center of Mindanao. This is the best place to build our very first township in Southern Philippines, which we envision to be Mindanao’s new central business district," Dr. Andrew L. Tan, Megaworld chairman and chief executive officer, said.
The first phase of the township will feature office towers for BPO companies and other corporate offices.
Davao Park District will also have themed residential condominiums that will be built by Megaworld subsidiary Suntrust, as well as a mall, commercial and retail strips and a school.
"As the country’s largest office developer and landlord, we will also be bringing our expertise and leadership in the development of state-of-the-art office towers to Davao City. We hope to bring in new BPO locators to set up operations in the city," Jericho P. Go, first vice president, Megaworld, said.
Davao Park District will be Megaworld’s 10th township in the Philippines, following in the success of other projects such as Eastwood City, McKinley Hill, Forbes Town Center and Newport City.