LISTED property developer Megaworld Corp. has begun the P2.5-billion redevelopment of its 18.5-hectare Eastwood City township as part of efforts to enhance its commercial and lifestyle offerings.
In a statement on Wednesday, Megaworld said it is currently upgrading various commercial areas and lifestyle malls, including Eastwood Citywalk, Eastwood Mall, and the Eastwood Mall Open Park.
Eastwood City, launched in 1997, is Megaworld’s first mixed-use development. It comprises 23 residential condominium towers, 11 office buildings, and three lifestyle malls, with nearly 500 restaurants and retail shops.
The redevelopment plan includes the ongoing enhancement of Eastwood Richmonde Hotel and the phased refurbishment of office towers, beginning with the recently completed renovation of IBM Plaza.
Megaworld said upcoming improvements will include upgraded lobbies, facilities, and amenities in additional office buildings and residential towers, with renovations to roll out in the coming months.
Eastwood Mall has already undergone redevelopment, which included refreshed interiors, upgraded cinemas, and a revitalized tenant mix.
Select areas of the mall have been converted into new lifestyle spaces, such as the country’s first branch of SuperPark Philippines, an indoor activity park.
Renovation works have also been completed at Eastwood Citywalk, with nightlife destination Fuente Circle now featuring a Bourbon-inspired façade.
The site’s former cinema space has been transformed into the new REP Eastwood Theater, now home to Philippine theater company Repertory Philippines.
The fourth floor of Eastwood Citywalk has been redesigned into a modern food park, featuring updated interiors and ambiance, along with a curated selection of new dining concepts.
Redevelopment efforts are ongoing across the township’s parks and open spaces, including the transformation of the Eastwood Mall Open Park.
The area will soon feature an open-air space anchored by brands such as Harlan + Holden, SaladStop!, Matcha Tokyo, and Jamba Juice.
“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 T. Gutierrez-Alfonso said.
“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 has 35 townships across the country, supported by a land bank of approximately 7,000 hectares. The company is on track to launch more township projects this year.
Shares in Megaworld were unchanged at P1.80 each on Wednesday. — Revin Mikhael D. Ochave