Megaworld allots P350B to expand township development in next 5 years

Property giant Megaworld Corp., led by tycoon Andrew Tan, plans to spend P350 billion for its five-year township expansion initiative.

In a disclosure to the Philippine Stock Exchange on Friday, Megaworld said its 2023–2027 capex program will bankroll township developments in new growth areas outside Metro Manila, particularly in Calabarzon, Mimaropa, Northern Luzon, and in some parts of Visayas and Mindanao.

"This capex program will allow Megaworld to set its sights 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 chief strategy officer.

The company will also capitalize on opportunities in increasing tourism activities in the country, particularly in Meetings, Incentives, Conventions, Exhibitions (MICE) as it intends to build more hotels as well as convention centers in key cities within the next five years.

Megaworld said it is also building more "sustainable" office towers to address the increasing demand for workspaces, especially from emerging businesses and industries, even as BPOs remain 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, the company said.

The property developer is also expanding its Megaworld Lifestyle Malls portfolio, with new malls and commercial developments 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, office, mall, and hotel properties," said Tan. —VBL, GMA Integrated News