Megaworld Corp., the listed property development company of billionaire Andrew Tan, said it will use the P973 million proceeds from the sale of 79.7 million common shares of MREIT Inc., its listed real estate investment trust, for further development in four township projects in Luzon and the Visayas.The funds raised from the sale of MREIT Inc. shares, priced at P12.30 per share, will be directed towards the development of Megaworld’s Northwin Global City in Bulacan, ArcoVia City in Pasig City, The Mactan Newtown in Cebu, and the Bacolod Projects in Bacolod City.
Despite varying completion stages, with Northwin at 20 percent, ArcoVia at 17 percent, Mactan Newtown at 47 percent, and Bacolod Projects at 43 percent, Megaworld is poised to accelerate progress across all fronts. The reinvestment period spans from the second quarter of 2024 to the first quarter of 2025.The
allocated funds will primarily fuel the growth of commercial and office spaces, alongside other real estate ventures. However, Megaworld has clarified that the capital will not be spent for infrastructure development but rather towards bolstering its real estate portfolio.
This strategic reinvestment underscores Megaworld’s commitment to advancing its township projects, harnessing the potential of burgeoning markets, and further solidifying its position as one of the leading players in the Philippine real estate landscape.
