Eastwood Mall, the main retail center in Eastwood City. (Photo: Wikimedia Commons)
Megaworld Corp.'s first township, Eastwood City, is set for expansion, the leading developer announced.
Located at Libis in Quezon City, Eastwood is dubbed the first cyberpark in the country. It houses high-rise office buildings, residential towers, the Eastwood Mall, and other retail establishments.
Megaworld issued that the township will be expanded by 1.5 hectares, bringing its total territory to 18.5. The company is presently looking to acquire available plots in the area to add to Eastwood, according to Megaworld executive director Kingson Sian.
"We are still developing Eastwood. We acquired it in 1996 and up to now we’re still developing it. It is still not finished,” Sian said, "so development will continue. As you develop it, as it becomes more mature, it becomes more attractive as a live-work-play community."
“As we grow, there’s opportunity for us to acquire around,” stated Sian.
The executive disclosed that up to two hectares in the township remain undeveloped. These plots, however, have ongoing projects that should soon yield into towers.
Additionally, the expansion will provide for more commercial, residential, and office units to cater to the growing demand in the market, according to Megaworld. At least three mixed-use towers are set to be constructed under the expansion program. The towers will reportedly have up to 100,000 square meters of office space, 9,000 square meters of commercial space, and 600 residential units. Megaworld estimates that the new entries could rake in P4 to P5 billion in sales.
Originally at 11 to 12 hectares in its infancy, Eastwood has grown into a business and commercial hotspot in Quezon City, able to tap into the residential populations of neighboring cities such as Marikina and Antipolo.
Megaworld has 15 townships to date, among them Newport City in Pasay; McKinley West and McKinley Hill; Forbes Town Center; Alabang West; Southwoods City; The Mactan Newtown in Cebu; the Iloilo Business Park; and Davao Park District.