this story was taken from www.inq7money.net
URL: http://money.inq7.net/topstories/view_topstories.php?yyyy=2006&mon=06&dd=09&file=1
Posted: 2:10 AM | Jun. 09, 2006
Elizabeth L. Sanchez
Inquirer
PROPERTY developer Megaworld Corp. has entered into a joint venture with the city government of Manila to develop a P7.2-billion mixed-use complex in Binondo, Manila's Chinatown.
The project involves two parcels of land totaling 4.6 hectares, which will be redeveloped into an educational complex and a residential condominium community, Megaworld said in a disclosure to the stock exchange.
The project is expected to be completed in five years, the company said.
It will be "the largest real estate development in Manila" in the 25 years, Megaworld chairman and president Andrew Tan said.
In one of the lots, Megaworld plans to put up six school buildings and 414 residential units for school teachers and other non-teaching personnel, the disclosure statement said.
Retail space will also be set aside at the school complex for providers of food and school supplies, in addition to the sports facilities, parks and playgrounds, it said.
In the second lot will be a residential community to be dubbed "Cityplace" that will have 1,700 condominium units, a shopping center, space for a business process outsourcing office, and a boutique hotel for business travelers, Megaworld said.
The hotel, along with a centerpiece promenade that will be open to the public, is meant to make Chinatown a tourist destination, the company said.
Through Cityplace, the developers hope to preserve and enhance Binondo's history and multicultural heritage, it said.
Also planned are parking lots, bypass roads and pedestrian passes, it added.
Inquirer sources said part of the funding for the project would come from pre-sale of residential units.
Megaworld is also studying the debt market abroad to raise $100 million from a bond offer, the sources said. With INQ7.net
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