Megaworld to spend P350-B in the next 5 years to accelerate township developments
- June 16, 2023
Property giant Megaworld is allocating P350-billion for capital and project development spending starting this year until 2027 to accelerate and further expand its township footprints across the country.
The 5-year CAPEX program is primarily intended to develop townships in new growth areas outside of Metro Manila, particularly in CALABARZON, MIMAROPA, Northern Luzon, and even in some parts of Visayas and Mindanao.
“This CAPEX program will allow Megaworld to set its sight on various opportunities in building townships or mixed-use lifestyle communities, which is already the strength of our company. Aside from residential, office, malls, and hotels, there are more to offer to make every township more relevant and sustainable to the next generation of Filipinos,” says Kevin L. Tan, chief strategy officer, Megaworld.
The company will also capitalize on opportunities in increasing tourism activities in the country, particularly in MICE (Meetings, Incentives, Conventions, Exhibitions) as it intends to build more hotels as well as MICE facilities such as convention centers in key cities within the next five years.
Megaworld is also building more ‘sustainable’ Grade A office towers to address the increasing demand for workspaces especially from emerging businesses and industries, even as BPOs remain to be a key driver for office demand.
These new office towers are lined up in various townships, particularly in Metro Manila, Pampanga, Bulacan, Cavite, Cebu, Iloilo, Bacolod, and Davao.
The company is also set to expand its Megaworld Lifestyle Malls portfolio, with new malls and commercial developments lined up for construction in the next five years, particularly in Pampanga, Bulacan, Cavite, Rizal, Cebu, Bacolod, and Davao.
“There will be some land acquisitions during this period, and we are also preparing for that. Most of the budget will really be used to spruce up and expand the existing townships, and of course, to put up more residential, offices, malls, and hotel properties,” adds Tan.
Source: Megaworld Corporation