Property developer Megaworld Corp. and state-run Bases Conversion and Development Authority are combining 160 hectares of properties in Fort Bonifacio, Taguig City to form a new business district.
Dubbed as the Philippines’ future “administrative capital,” the Bonifacio Capital District will cover Megaworld’s existing township developments and BCDA-owned properties.
The new district will include Megaworld’s 54.3-hectare McKinley Hill and 34.5-hectare McKinley West and BCDA’s 26-hectare Philippine Navy Village, 33.1-hectare Bonifacio South Pointe property in partnership with the SM Group, the 10.1-hectare Consular property beside McKinley West and a one-hectare lot.
“This marks the strong partnership of BCDA and Megaworld Corp. in building for progress. As a key locator in Fort Bonifacio, Megaworld has made a positive impact on the lives of many Filipinos through its ‘live-work-play’ concept. We saw the realization of this concept in McKinley Hill which is integrated into the Bonifacio Capital District,” BCDA president and chief executive Vince Dizon said.
Dizon said the district would soon house the country’s major institutions such as the Senate of the Philippines, the Supreme Court and the Court of Appeals.
“These government institutions will be complemented with more office spaces, residential units, parks and commercial establishments―which are all essential to our vision to create vibrant and livable communities for the people,” Dizon said.
BCDA and Megaworld will also create the Policy Review Board that will have the exclusive jurisdiction to set policies and restrictions on the development of the Bonifacio Capital District and ensure the proper execution of the district’s master development plan and vision.
The current development-based gross floor area of existing and operational commercial, residential, office and institutional properties within the district is around 1.26 million square meters.
The projected GFA of proposed mixed-use developments in undeveloped lots within the district is around 2.1-million square meters.
These new developments are expected to be completed in the next 10 years.
The district will be a location of one of the proposed stations of the ongoing Metro Manila Subway Project, initially named as Lawton East Station.
“In the next five years, after completing the road developments, utility network and the subway project, we will be focused on traffic management which includes development of bike lanes and pedestrian networks as well as deployment of traffic marshals,” said Kevin Tan, chief executive of Alliance Global Group, the mother company of Megaworld.
“We will also improve landscaping along the district’s major roads and designing the entire district with urban art installations. On security management, we will also expand the CCTV monitoring to cover all areas of the district, which will then be incorporated into our Central Command Center inside McKinley Hill,” Tan said.