Megaworld to spend P2.5B to redevelop Eastwood City

Listed township developer Megaworld Corp. is set to spend P2.5 billion to redevelop Eastwood City, its first township development spanning 18.5 hectares that was first launched in 1997.

Megaworld said the redevelopment will involve upgrading its commercial areas and lifestyle malls including Eastwood Citywalk, Eastwood Mall, and the Eastwood Mall Open Park, the ongoing enhancement of Eastwood Richmonde Hotel.

This also includes the phased refurbishment of office towers, which started with the renovation of the IBM Plaza which was recently completed.

Renovations are set to be rolled out in the coming months, covering upgrades to the lobbies, facilities, and amenities of additional office buildings and residential towers.

“Eastwood City holds a special place in our history as Megaworld’s very first township, and this redevelopment reflects our commitment to keeping it vibrant, relevant, and future-ready,” Megaworld president Lourdes Gutierrez-Alfonso said in an emailed statement.

“We are not only preserving its legacy but also reinventing it into a township of the future — setting an even higher standard for integrated urban living,” she added.

Megaworld earlier this year announced plans to expand with at least two more townships in over 300 hectares of land in growth areas in Luzon and Visayas.

The company’s real estate portfolio includes residential condominium units, subdivision lots and townhouses, as well as office projects and retail spaces. Its businesses include real estate sales, leasing of office spaces, and management of hotel operations.

Its subsidiaries include Richmonde Hotel Group International Limited, Eastwood Cyber One Corp., Empire East Land Holdings Inc., Global-Estate Resorts Inc., and Bonifacio West Development Corp. —AOL, GMA Integrated News