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MANILA, Philippines – Billionaire Andrew Tan’s Megaworld Corporation is set to spend P350 billion for the next five years to expand its township footprint across the Philippines.
Megaworld’s strategic focus will extend beyond Metro Manila as the company seeks to develop townships in new growth areas like Calabarzon, Mimaropa, Northern Luzon, and selected regions in the Visayas and Mindanao.
“This [capital expenditure] 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.
Megaworld is set to construct additional hotels and MICE (meetings, incentives, conventions, and exhibitions) facilities, including convention centers, in key cities within the next five years to leverage the increasing tourism demand.
In response to the rising demand for workspaces, Megaworld is set to construct more “sustainable” Grade A office towers. These office towers will cater to emerging businesses and industries while also accommodating the continued demand from the business process outsourcing sector. The selected locations for these office towers include Metro Manila, Pampanga, Bulacan, Cavite, Cebu, Iloilo, Bacolod, and Davao.
Megaworld also plans to expand its Lifestyle Malls portfolio by constructing new malls and commercial developments in various regions. Pampanga, Bulacan, Cavite, Rizal, Cebu, Bacolod, and Davao have been identified as prime locations for these upcoming projects.
“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.
Since its incorporation in 1989, Megaworld and its affiliates have launched more than 741 residential
developments, 74 premier offices, 24 lifestyle malls and commercial centers, and 13 homegrown hotels and resorts.
Megaworld, so far, owns or has development rights to over 5,000 hectares of land located throughout the Philippines. – Rappler.com
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