Megaworld Corp., the main property arm of the Andrew Tan Group, said Monday it is ramping up its combined office and shopping mall leasing portfolio to reach 3 million square meters of gross leasable area by 2030, a 52 percent growth from the level at the end of 2023.
Kevin Tan, chief executive officer of Alliance Global Group Inc., parent company of Megaworld, said the expansion plan intends to push the leasing portfolio of the listed property developer over seven years starting 2024 to a gross leasable area to 2 million square meters for office spaces and 1 million square meters for mall spaces.
“This year, Megaworld has budgeted P55-billion for capital expenditure, which is an important part of our overall P350-billion five-year capex program that began in 2023. The budget will be used to develop our existing and upcoming townships, residential projects, investment properties, as well as land acquisition,” said Tan.
These new office spaces will coming from Megaworld’s townships in Bulacan, Pampanga, Cavite, Bacolod, and Metro Manila. The new retail spaces, on the other hand, will come from its lifestyle mall properties in Cavite, Rizal, Pampanga, Bulacan, Bacolod, Cebu. Davao, Boracay, and Palawan.
Megaworld ended 2023 with 1.5 million square meters of office spaces and 517,000 square meters of retail space.
