Megaworld set to invest multibillion in Napolcom property

Andrew Tan-led property developer Megaworld Corp. is set to develop a property of the National Police Commission (Napolcom) in Fort Bonifacio, Taguig City. In a statement to the Philippine Stock Exchange on Tuesday, Megaworld said it will be investing P25 billion to develop a 7.1-hectare property of Napolcom into a business process outsourcing complex over the next seven to 10 years. The property is set to host more than 500,000 square meters of space for BPO offices and office support services and is seen to generate about 80,000 new jobs. "Megaworld will spend P7 billion to immediately develop the first phase of the Napolcom property. Megaworld's commitment to the government agency also includes the construction of a new 30-story Napolcom office building in Quezon City and the delivery of 500 residential condominiums in a well-located project in San Juan City to Napolcom beneficiaries," Megaworld said. The company said the office building and residential condominium package is valued at more than P3 billion. The development of the Taguig property is an undertaking of Napolcom and the Bases Conversion Development Authority with a Megaworld-led consortium under a joint venture agreement. Megaworld won the public bidding for the property in 2008 after submitting a P3-billion bid. Megaworld pioneered the cyber park concept in Eastwood City, Quezon City, in 1996. The Eastwood City CyberPark, the first-ever of its kind accredited by Philippine Economic Zone Authority (PEZA), is now home to nine complete BPO office buildings and 35,000 employees. The company’s other PEZA-accredited cyber parks are located in the 50-hectare McKinley Hill in Taguig City and the 25-hectare Newport City in Pasay City, are set to generate about 60,000 new jobs. -- CMA/OMG, GMA News