Megaworld secures deal to help develop JUSMAG

Megaworld Corp. was chosen as the government’s joint venture partner to develop the Joint United States Military Advisory Group (JUSMAG) property in Fort Bonifacio, Taguig City, the company said on Thursday. The Bases Conversion and Development Authority (BCDA) awarded the project to Megaworld after it submitted the highest bid at P31,111 per square meter. The BCDA has set the floor price at P19,000 per square meter or a total of P6.555 billion for the property, which is ideal for mixed-used development. Megaworld, considered as the Philippines’ second-largest developer by value, outbid other property giants Ayala Land, Filinvest Land Inc., and Robinsons Land Corp. Megaworld said it plans to spend P22 billion to develop the property for 20 years. The company’s ongoing projects in the area include the 50-hectare MicKinley Hill and five-hectare Forbes Town Center. With this new JUSMAG joint venture, the company’s development in the upscale Fort Bonifacio area will reach more than 100 hectares. Earlier, Megaworld also won the bid for the 8.3-hectare North Bonifacio lots earlier. The JUSMAG property, which is part of a 93-hectare former US military lot, is bounded by the Philippine Army headquarters, the American Battle Monument cemetery, the National Mapping and Resource Information Authority, and Forbes Park. Megaworld’s share prices barely moved during Friday’s trading at the Philippine Stock Exchange, closing at P1.30 each from P1.32 on Thursday. - RJAB Jr., GMANews.TV