Megaworld Corp., the property development arm of billionaire Andrew Tan, said Tuesday it has fully disbursed the P3.6 billion it raised from the sale of 279.4 million common shares of its listed real estate investment trust, MREIT Inc.
Megaworld said nearly half of the proceeds, or a total P1.58 billion, was invested in the 85-hectare Northwin Global City, a real estate development in Marilao, Bulacan envisioned as a metropolitan hub with a themed commercial district, high-rise residential condominiums, hotels, malls, mixed-use commercial buildings, educational institutions, and office towers.
A total P600 million was invested for the further development of The Mactown Newtown in Cebu, where Megaworld continues to develop a 30-hectare property that has offices, shopping malls, and other commercial projects.
Megaworld invested P560 million for ArcoVia City, a 12-5-hectare township project along C5 road in Pasig City; P500 million for the continuing development of the 11-hectare township project in Lanang, Davao City called Davao Park District; and P370 million for the township project in Bacolod.
