MANILA, Philippines - A unit of Megaworld Corp. is planing to develop an industrial park in Cavite.
Suntrust Properties, Inc. will invest P5-billion to develop a 200-hectare property in Tanza to be called Suntrust Ecotown.
The Suntrust Ecotown will be Megaworld’s first mixed-use development with an industrial park. It is envisioned to become a hub for world-class light to medium export-oriented industries, residential, commercial, and institutional establishments in the south.
"Megaworld’s entry into industrial park development leads us to an innovative blueprint that will entice more foreign locators to invest in the Philippines. Suntrust Ecotown is design to respond to the needs of dynamic export-oriented industries and to exceed their expectations by offering lifestyle amenities never seen before in any industrial park," Jericho P. Go, senior vice president of Megaworld, said.
The industrial park, which will be developed within 8 years, will initially offer 107 available industrial lots to export-oriented industries.
"Suntrust Ecotown is a breakthrough industrial park because this is the country’s first integrated industrial park accredited by PEZA (Philippine Economic Zone Authority) with lifestyle amenities. We are looking into further expanding the development to 350 hectares in the near future," Harrisson M. Paltongan, president of Suntrust Properties, said.
Of the total property, 111 hectares will be allotted for the industrial park while another 40 hectares will be for expansion and lifestyle amenities such as a hotel, shopping area, pool, mini golf course, among others. Another 50 hectares is allocated for future development that may include residential and other recreational facilities.
The industrial park will also feature PEZA and Bureau of Customs offices, as well as its own administration office, fire station, chapel, parking for container vans, guardhouse, and transport terminal.
Paltongan said the industrial park is expected to generate around 500,000 jobs.
“We expect to generate around 500,000 (direct and indirect) employment within 8 years in the industrial park. We look forward to hundreds of companies to locate in Suntrust Ecotown and the job generation it will bring to Filipinos,” he said.
As a PEZA accredited economic zone, the industrial park will offer investors a variety of fiscal and non-fiscal benefits such as tax holidays and exemptions, resident status for foreign investors and immediate family members, employment of foreign nationals, automated import and export permit system, additional deduction for labor expenses, duty-free importation of capital equipment, spare parts, materials and supplies, among others.
Suntrust Ecotown will also have its own sewerage treatment plant and water tank pump station reservoir.