This year’s spending will consist of project development, land acquisition, and property investments.
Andrew Tan-led property brand Megaworld Corporation recently announced plans to allocate a capital expenditure (CAPEX) of up to Php 285.8 billion in developing further its townships within the next five years, an increase from the Php 230 billion they announced last year.
“We have adjusted our capital spending to pave the way for the expansion of offerings in our existing townships and for the new additional township projects that we recently announced,” Megaworld senior vice president and corporate information officer Francisco Canuto said.
By 2014, Megaworld had 15 townships in Taguig, Pasay, Quezon City, Cebu, Iloilo City, Tagaytay Pasig, Davao City, Tanza, and the Cavite-Laguna boundary already launched. The real estate giant revealed earlier this year that five more townships will soon be added to their portfolio: two in Bacolod, plus one in Luzon and two more in Mindanao.
“Certainly, we have sufficient land bank and landholdings that will sustain our plans to further expand and grow our townships all over the Philippines. While we continue to create and expand our mixed-use communities in Metro Manila, we will also expand our presence in the provinces especially in major growth centers,” Canuto added.
This year alone, Megaworld is planning to spend Php 65 billion to be split between two expenditures: 74% percent on project development and 26% on land acquisition and property investments.
Megaworld and its subsidiaries – Suntrust Properties, Inc.; Empire East Land Holdings, Inc.; and Global Estate Resorts, Inc. – are creating 22 residential projects in Metro Manila, Laguna, Batangas, Boracay, Iloilo, and Bacolod. They will also be launching three hotels in Boracay Newcoast, 10 office towers in McKinley West, McKinley Hill, Eastwood City, Woodside City, Davao Park District, and Southwoods City; and three malls and commercial centers across various townships.
Image courtesy of the Megaworld Corporation Facebook page