MANILA - Megaworld, a leading developer of integrated urban townships, is allocating P65-billion in capital spending this year, mainly for residential, office, and mall projects across its township developments, as well as for land acquisition and investment properties.
Eight percent of the capital expenditures will be allocated for property developments across the company’s 23 townships across the country, while the remaining 20 percent will be used for land acquisition and investment properties, its press release said yesterday.
The company will launch 28 new residential towers this year in its townships in key regional centers, including The Upper East in Bacolod, Iloilo Business Park in Mandurriao, Iloilo, and Boracay Newcoast in Boracay Island, Aklan, among others, the press release said, adding these projects will generate around P90-billion in residential sales.
“We are ramping up our residential properties in our portfolio this year as we have seen a remarkable spike in residential demand across our townships, both in Metro Manila and in the provinces. We remain focused on cementing our leadership in the office category by launching more office spaces, and we are looking into opening more lifestyle malls as we keep track of our goal towards P20-billion in rental revenues by next year,” Kevin Tan, EVP and chief strategy officer of Megaworld said.
The company is also expected to start the construction of five new office projects and complete some ongoing mall and commercial properties across the country, the press release added.*
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