Megaworld will build "The Upper East," Bacolod City's "new central district." Handout photo

MANILA - Megaworld said Monday it would start building a P28-billion business district in Bacolod City this year.

The project, called Upper East, will take 10 years to develop and will include residential condominiums, malls, commercial centers, mixed-used buildings, offices, hotels transport hubs and open parks, Megaworld told the stock exchange.

The 34-hectare development near the Bacolod City government center, was designed to be flood free. It will utilize underground cabling system for electricity, drip irrigation system for landscaping and water re-use facilities, Megaworld said.