Megaworld's P35-B mixed-use devt to rise in former Ajinomoto plant

A mixed-use property development filled with so-called “green” office spaces, residences, open parks and a transport hub will rise in the shuttered Ajinomoto plant along C-5 in Pasig City, Andrew Tan's publicly-held property firm Megaworld Corp. disclosed Tuesday. 

 

The 12.3-hectare area will be developed in 10 years and will cost roughly P35 billion, bulk of which were already raised by the listed property firm, Jericho Go, first vice president for business development and leasing at Megaworld, said at a briefing. 

 

The development – dubbed Woodside City – will be filled with over a thousand trees and office spaces that are Leadership in Energy and Environmental Design (LEED) accredited, a global  environmental compliance certificate issued by US Green Building Council. 

 

Megaworld has already firmed up plans for three office buildings with total leasable space of 150,000 square meters. 

 

The first tower will be completed by 2017, said Go. 

 

“We're a market driven company,” he said. “Clients are already lined up for the first tower, and the succeeding launches will be dictated by take up.”

 

Going for green

 

Go said Megaworld – the Philippines' largest office space provider – wants all its developments in Metro Manila LEED-certified as most multinational clients prefer green buildings.

 

“If we want to continue to capture multinational clients, we have to adhere to global standards,” he said. “That's our thrust.”

 

Companies have been neck-and-neck trying to get their hands on the budding “green” buildings development, given the savings from energy and water bills that benefit the tenants. 

 

Township development 

 

The lot in the former Ajinomoto plant, which closed in October 2007, was acquired by Megaworld for an undisclosed amount. 

 

Tan's property company is also closely looking at acquiring lots which sits next to the planned development to further grow the township.

 

“When the opportunity presents itself, we will acquire,” Strategic Marketing and Communications director Harold Geronimo said at the same briefing.

 

“Modesty aside, we have mastered township development,” he said. 

 

This is what Megaworld did in its first mixed-use development in Eastwood City in Libis, Quezon City which has expanded from 13 has. to 17 has. 

 

Woodside City is Megaworld's ninth mixed-use development. The firm already has six mixed-use developments in Metro Manila, one in Cebu and one in Iloilo. – VS, GMA News