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Andrew Tan to spend P10B for 8 new malls outside Metro Manila

Megaworld is further expanding its mall footprint in key regional centers across the country with eight new malls planned for opening in the next three years.

Megaworld is further expanding its mall footprint in key regional centers across the country with eight new malls planned for opening in the next three years.

This is in line with tycoon Andrew Tan’s goal to have a mall in each Megaworld township and to boost its lease revenues.

The company has earmarked P10 billion for these new malls which will rise in Cebu, Bacolod, Davao, Boracay, Cavite and Pampanga.

Megaworld said the new malls would make available about 200,000 square meters of fresh retail inventory that will open until 2022.

“For the next three years, the Megaworld Lifestyle Malls brand will be seen in key growth areas around the country as we continue to tap opportunities for our retail partners to further expand and grow their brands with us,” said Kevin L. Tan, strategy officer at Megaworld.

Targeted for opening in the next two years are the Maple Grove Mall in General Trias, Cavite, which will be a greenhouse-inspired mall surrounded with gardens and trees, and the Northill Town Center in Northill Gateway, Bacolod City, which will showcase the ‘hacienda-style’ town center in which Negros has been known for.

Megaworld currently has 17 lifestyle malls across the Philippines and a total retail space portfolio of around 710,000 square meters.

Among its flagship malls under the Megaworld Lifestyle Malls brand include Eastwood Mall in Quezon City; Uptown Mall, Venice Grand Canal and Forbes Town in Taguig City; Newport Mall at Resorts World Manila in Pasay City; Lucky Chinatown in Binondo, Manila; Southwoods Mall in Biñan, Laguna; and Festive Walk Mall in Iloilo City.

Last year, rental revenues from Megaworld Lifestyle Malls amounted to P5.5 billion, nearly 40% of the company’s total lease revenues for the period.

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