The property giant is aiming to earn Php 9 billion in rental income for 2015.
Property giant Megaworld is preparing to add 300,000 sqm of gross floor area to their total rental portfolio with the launch of seven new malls and commercial centers, two office buildings, and two hotels within the year. With rental income for 2014 recorded at Php 7.1 billion, an increase of 18% from 2013’s Php 6 billion, the brand is predicting that rental income will reach Php 9 billion for 2015.
“Our rental income is flourishing in line with our expectations. Sustained growth in Megaworld’s office and mall leasable space inventory will provide the momentum needed for us to exceed Php 10 billion in rental income in 2016,” Megaworld chairman and president Andrew Tan said.
The new malls and commercial centers will be launched this year are Uptown Place and Uptown Parade in Uptown Bonifacio; Venice Grand Canal in McKinley Hill; Mactan Alfresco in The Mactan Newtown in Cebu; Eight Forbestown Road and Burgos Parklane in Forbes Town Center; and Tagaytay Twin Lakes in Twin Lakes, Batangas.
One office building each in Uptown Bonifacio and in The Mactan Newtown is also set to be completed within 2015. Also set to open within the year are the 149-room Richmonde Hotel Iloilo and the 480-room Belmont Luxury Hotel in Newport City.
Earlier this year, Megaworld said it will spend Php 65 billion in 2015 alone on residential, office, and retail, and commercial expansions. This will be part of their Php 285.8 billion capital expenditure over the next five years.
Megaworld also announced the launch of five new townships within the year. Two have already been revealed, namely Northill Gateways and The Upper East, both in Negros Occidental. Three more townships – two in Luzon and one in Mindanao – which will cover a total of 316 hectares, will be announced within the year.