Megaworld to double McKinley Hill office capacity due to high demand

MEGAWORLD Corp. is spending P20 billion to more than double its office space inventory in Fort Bonifacio in the next three years, a company official said yesterday.

An aerial view of McKinley Hill.

The publicly listed developer will build 12 new office towers that will add around 350,000 square meters (sqms) to its current office space portfolio of 300,000 sqms.

The McKinley Hill landlord currently has 19 office buildings in that upscale business district. The new office towers will be housed within its three townships in the former military barracks: the 15.4-hectare (ha) Uptown Bonifacio, 34.5-ha McKinley West and the 50-ha McKinley Hill.

By 2018, the property conglomerate of Philippine billionaire Andrew L. Tan wants to have one million square meters of office space, Megaworld Senior Vice-President Jericho S. Go told a briefing on Tuesday.

“This is demand driven…There’s an actual and real demand. This bodes very well for Megaworld from a rental rate perspective because the highest rate is in Fort Bonifacio,” Mr. Go said, noting that bulk of the new supply will be taken up by business process outsourcing (BPO) firms.

Megaworld is building four office towers in Uptown Bonifacio — the 15-storey Uptown Tower 1 and Uptown Tower 2, as well as the 20-storey Uptown Tower 3, which are expected to be turned over between this year and 2016.

This early, the towers are 90% leased out, with Fortune 500 companies in the businesses of finance, technology and insurance among the tenants, Mr. Go said.

Property investors are eyeing opportunities to extend their rental portfolios to meet the upcoming demand in ‘Fort Bonifacio’.

Mangga Properties are actively seeking Fort Bonifacio units for our investors, please contact us for more information.