|Davao Finance Center (perspective view)|
DAVAO CITY, Davao
— Megaworld Corp of Philippine billionaire Andrew Tan is building an iconic office tower in its township development in Davao.
In a disclosure to the Philippine Stock Exchange, the holding firm for the real estate businesses of Alliance Global Group Inc said it is allocating P1.2 billion to develop the Davao Finance Center with construction of the project set to start early next year.
The 15-storey office tower will be located at the corner of Dakudao Avenue and Megaworld Avenue, the main artery of Davao Park District, its first township project in Mindanao. The building is targeted to be completed by 2016.
Megaworld's Chairman Andrew Tan and Pres. Benigno Aquino III
Photo courtesy of Interaksyon
“The iconic Davao Finance Center will be the first to rise in Davao Park District because we envision it to be a landmark for business, trade and commerce, especially for the information technology and business process outsourcing (IT-BPO) in Mindanao. The Davao Finance Center will mirror Davao City’s booming economy,” said Megaworld senior vice president Jericho P. Go.
At least four IT-BPO firms, mostly first-time locators in Mindanao, are keen on setting up shop at the Davao Finance Center. The building is seen generating around 8,000 jobs.
“Davao City is on the right track to become Mindanao’s IT-BPO hub. There is an abundance of highly-skilled human resource, and the existence of centers of excellence ensures that there is enough supply for highly-skilled human resource to meet the demand,” Go said.
A standalone McDonald’s store will also rise in front of the Davao Finance Center next year. AGI owns Golden Arches Development Corp, the master franchiser of McDonald's in the Philippines.
Mindanao's center of trade, commerce and education, Davao City is home to over two million residents and several topnotch universities including the Ateneo de Davao University, University of the Philippines – Mindanao Campus, and the University of Mindanao.
Over the next five to seven years, Megaworld is pouring in P15 billion for the development of the 11-hectare Davao Park District. The mixed-use project will rise in the site of the former Lanang Golf and Country Club.
Envisioned to be the central business district of Davao, the township will have office towers, commercial and retail strips, open parks and lagoon, and themed-residential condominiums by Suntrust Properties Inc, a wholly-owned subsidiary of Megaworld.
Megaworld's earnings climbed by nearly half to P2.69 billion in the first quarter from P1.81 billion in 2013 on the strength of its property development and leasing businesses coupled with extraordinary gains.
source2: Interaksyon | Business