Part of Megaworld’s Php55 billion 2016 budget will be used to develop 14 malls and office and commercial space.
The Megaworld Group recently made known plans to allocate Php55 billion for their 2016 portfolio expansion largely focused on rentals, particularly office spaces and malls. Megaworld Corporation, together with subsidiaries Global-Estate Resorts, Inc. (GERI), Empire East Holdings, Inc., and Suntrust Properties, Inc., will be allotting 75% of the capital expenditure for the development of office space, commercial centers, new malls, and residential projects. The remaining 25% will be used to increase their land bank and for their investment properties.
“This year, we will start developing our new townships in Pasig City, Bacolod and Pampanga while we ramp up our office and mall developments across our existing townships. We are bullish on the office and retail sectors because we see a remarkable growth in these businesses,” Megaworld senior vice president Jericho P. Go announced, who revealed the company’s goal of achieving a rental revenue of Php11 billion by the end of the year.
The Megaworld Group will be launching 14 office towers, malls, and commercial centers in various locations including McKinley West and Uptown Bonifacio in Bonifacio Global City, Mactan Newtown in Cebu, and Arcovia City in Pasig.
“Several townships are already mature, which means, we have already built in them the substantial components of a complete “live-work-play” community such as Eastwood City and McKinley Hill. We are moving towards making our other townships mature as well, especially those outside of Metro Manila,” explains Go.
A total of 14 residential projects are will also be launched in 2016 in locations such as Metro Manila, Pampanga, Batangas, Iloilo, and Davao. These projects will be spearheaded by the various subsidiaries of the group.
Megaworld currently has a total of 20 integrated urban townships, five of which were launched in 2015. Nine are located in Metro Manila, while 11 are built in various cities across the country. The Andrew Tan-led real estate developer also has 27 residential and office towers in Makati central business district. Last year saw the completion of 16 residential projects and six BPO office towers located in different townships.
(Photo from the Megaworld Corporation official website)