Megaworld Corp., a property development company of tycoon Andrew Tan, said Friday it is allocating P350 billion for capital and project development spending over the next five years through 2027 to expand its township footprint across the country.
“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,” said Kevin Tan, Megaworld’s chief strategy officer in a statement
The five-year spending plan will allow Megaworld to pursue large developments in Metro Manila, major parts of Luzon, as well as the Visayas and Mindanao.
It will allow Megaworld to build more hotels and convention facilities to capitalize on opportunities in increasing tourism activities in the country, particularly Meetings, Incentives, Conventions, Exhibitions, or MICE.
Megaworld will also build 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.
New shopping malls and commercial developments are also 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,” Tan said.
