Megaworld ups investment in Uptown Bonifacio to P65B


Posted at Jul 31 2012 05:26 PM | Updated as of Aug 01 2012 04:22 PM

MANILA, Philippines - Tycoon Andrew Tan's Megaworld Corp. is increasing its investment in an integrated township development in Bonifacio Global City to P65 billion in the next 20 years, due to increased demand.

The property developer earlier announced it was earmarking P45 billion to develop Uptown Bonifacio, located in the northern area of the Global City, into a mixed-use residential and business district.

"Uptown Bonifacio, touted as the newest business district in the Philippines, will take Megaworld’s renowned live-work-play lifestyle to new heights,” said senior vice president for marketing Noli Hernandez.

Uptown Bonifacio will have up to 18 towers, offering a total potential development of 500,000 square meters of residential space, 400,000 square meters of office space and 90,000 square meters of retail space.

The 45-story Uptown Ritz Residence is Megaworld's first "ultra-luxurious," all-suites condominium project in Uptown Bonifacio, and is valued at P8 billion. Hernandez said there has been exceptionally strong demand for Uptown Ritz.

Uptown Bonifacio will also have a P12-billion, 140,000-square meter corporate block with 4 towers set along Megaworld Avenue, which will be its main street.