MANILA – Megaworld, a leading developer of integrated urban townships, announced that it has allocated PHP65 billion in capital spending this year, mainly for residential, office and mall projects across its township developments, as well as for land acquisition and investment properties.
Some 80 percent of the capital expenditures (capex) will be allocated for property developments across the company’s 23 townships across the country, while the remaining 20 percent will be used for land acquisition and investment properties, the company said in a statement on Tuesday.
“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 PHP20-billion in rental revenues by next year,” Megaworld Executive Vice President and chief strategy officer Kevin Tan said.
Megaworld is set to launch 28 new residential towers this year in its townships in key regional centers, including The Mactan Newtown in Lapu-Lapu, Cebu; Boracay Newcoast in Boracay Island, Aklan; Twin Lakes in Batangas near Tagaytay; and Eastland Heights in Antipolo, Rizal; as well as in various parts of Metro Manila, particularly in Westside City in Parañaque City, McKinley Hill and McKinley West in Fort Bonifacio, Arcovia City in Pasig City, and Manhattan Garden City in Quezon City.
These projects will generate about PHP90 billion in residential sales.
The company is also expected to start the construction of five new office projects and complete some ongoing mall and commercial properties across the country.
Five new office towers are expected to start construction in Uptown Bonifacio, Capital Town in San Fernando, Pampanga, and Westside City in Parañaque City, covering an estimated 116,000 square meters in gross leasable spaces.
Another five new office towers are scheduled for completion within the year in Uptown Bonifacio, Iloilo Business Park, Arcovia City, and Pampanga, with total gross leasable area of about 189,000 square meters.
Five commercial properties are expected to be completed within the year in McKinley Hill in Fort Bonifacio, Arcovia City in Pasig City, and Davao Park District in Davao City. These will give an additional 9,000 square meters of gross leasable spaces in the company's commercial retail portfolio.
“On our rental portfolio, we are allocating most of our capex in the completion of new office and lifestyle mall developments across our townships,” Tan added.
By end-2019, Megaworld’s leasable properties are targeted to climb to 2.14 million square meters, with office properties accounting for almost 60 percent. (PR)
