Property

Megaworld ramps up capital spending to P65B this year

Tycoon Andrew Tan-led Megaworld Corp. is shelling out P65 billion this year to expand its residential, office and retail portfolio and beef up its land bank.

Tycoon Andrew Tan-led Megaworld Corp. is shelling out P65 billion this year to expand its residential, office and retail portfolio and beef up its land bank.

Bulk of the 2019 budget will go to property developments across Megaworld’s 23 townships across the country, while 20 percent will be used for land acquisitions.

This year, Megaworld is rolling out 28 new residential towers and five office projects and some commercial properties in line with its goal to boost its rental revenues to P20 billion by 2020.

Five office towers will start construction in Uptown Bonifacio, Capital Town in San Fernando, Pampanga, and Westside City in Parañaque City, covering around 116,000 square meters in gross leasable space.

Another five new office towers are expected to be completed within the year in Uptown Bonifacio, Iloilo Business Park, Archive City and Pampanga, with total gross leasable area of around 189,000 square meters.

“We are ramping up our residential properties in our portfolio this year as we have seen a remarkable spike in residential demand across our townships, both in Metro Manila and in the provinces.

Likewise, we remain focused on cementing our leadership in the office category by launching more office spaces, and we are looking into opening more lifestyle malls as we keep track of our goal towards P20-billion in rental revenues by next year,” said Kevin L. Tan, EVP and chief strategy officer at Megaworld.

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