Megaworld goes into industrial park devt, unit puts up P5-B investment

Megaworld Corp., the property arm of tycoon Andrew Tan, is venturing into industrial park development for the first time, with a wholly-owned unit initially pouring P5 billion into the project.

 

In an e-mailed statement Tuesday, Megaworld said subsidiary Suntrust Properties Inc. will develop a 200-hectare property in Tanza, Cavite into an industrial park with mixed-use development to be called Suntrust Ecotown.

 

The project is the first Philippine Economic Zone Authority-accredited industrial park with lifestyle amenities and prospects for expansion, Suntrust Properties president Harrisson M. Paltongan said in the statement.

 

As part of the initial development, Suntrust is allocating P5 billion to develop 107 lots for export-oriented industries in 8 years.

 

“We expect to generate around 500,000 (direct and indirect) employment within 8 years in the industrial park. We look forward to hundreds of companies to locate in Suntrust Ecotown and the job generation it will bring to Filipinos,” Paltongan said. 

 

Megaworld aims to entice more foreign locators to invest in the Philippines, Megaworld senior vice president Jericho Go said in the same statement.

   

Meanwhile, Paltongan said they are looking to further expanding the development to 350 hectares.  

 

The development also has room for residential and commercial areas, Go said.

 

“... We have more areas allotted for future expansion that can accommodate more locators and will allow us to put residential areas, new commercial establishments, and other fresh inspirations of our pioneering live, work, and play township lifestyle concept,” he added. – Danessa O. Rivera/VS, GMA News