(Source: Manila Standard Today, by Isah V. Red | Aug. 18, 2015)
Property developer Megaworld Corp is investing P4 billion to build two new malls in the 15.4-hectare Uptown Bonifacio district in Fort Bonifacio, Taguig City.
Megaworld first vice president and head of commercial Kevin Tan said in a news briefing the two malls would have a total of 110,000 square meters of leasable space, boosting the company’s total retail leasable space to 414,000 square meters.
The first shopping mall, called Uptown Place, is a five-level upscale mall covering 85,000 square meter of retail and commercial spaces.
“Finally, we are introducing our flagship mall with new, innovative concepts and offerings. From the retail mix to the mall facilities and amenities, Uptown Place is envisioned to be a major shopping, dining and leisure destination in Fort Bonifacio,” Tan said.
Tan said Uptown Place would redefine the lifestyle, retail, leisure and entertainment landscape of Fort Bonifacio with various offerings.
It will also have state-of-the-art cinemas including Megaworld’s Signature Ultra Cinemas, a rooftop sky plaza overlooking Uptown Bonifacio skyline, a lifestyle tower, chapel, Las Vegas-style water feature at the mall’s ground level and al fresco dining areas.
The second mall,called Uptown Parade, is a 25,000-square-meter strip that is expected to become Manila’s newest dining hub, offering specialty restaurants serving international cuisines.
Megaworld saidUptown Parade would also include an 8,000-square-meter party place called Palace Superclub. It now houses the Valkyrie Nightclub and The Palace Pool Club, the country’s first day club and pool club.
Tan said the two upcoming retail developments were already 90-percent leased out.
Tan said the opening of the two new malls was a part of the Megaworld’s target to have 20 malls by 2020.
The 20 new malls are expected to boost the company’s gross leasable space by 600,000 to 700,000 square meters.
Aside from the two new malls, Megaworld is also building several luxury residential condominiums in Uptown Bonifacio and office buildings, including the 20-story Alliance Global Tower, which will serve as the headquarters of the companies under the Alliance Global Group Inc.