CEBU, Philippines - Publicly-listed Megaworld Corporation has allocated P230 billion for capital expenditures for the next five years as it embarks on aggressive expansion in the Philippines, including major projects in Cebu.
This is on top of the existing project being built by the company on Mactan Island, the Mactan Newtown, which is expected to be fully completed in the next couple of years.
The company is set to launch an average of at least 10 residential projects and six office towers every year. It is also expected to open new commercial spaces in Quezon City, Taguig City, Makati City, Cebu, Iloilo and Davao in the next five years.
“As we continue to break old records and set new trends in the Philippine property market, we are motivated to work even harder to maintain our leadership position as the no. 1 residential condominium developer and BPO office landlord in the country,†said Megaworld chairman and chief executive officer Andrew L. Tan, in a statement.
“We definitely have more unique offerings coming up for our customers – in residential, office, commercial and retail, and even in hotel businesses. The next five years will be very exciting for Megaworld,†added Jericho P. Go, Megaworld senior vice president.
Just this year, the company announced that it is allocating P35-billion to build and develop Woodside City, a “green†township along C5 in Pasig City. It also launched its first township in Mindanao, the Davao Park District in Lanang, Davao City, which is positioned to be the city’s central business district.
Megaworld also announced the expansion of Eastwood City to 18.5-hectares, amid growth of the IT-BPO sector and the growing demand for residential condominiums in the township.
Likewise, Megaworld announced early this year, the expansion of its premiere township in the southern Philippines, The Mactan Newtown in Lapu-Lapu City, Cebu, following the purchase of the land fronting the historic Lapu-Lapu and Mactan Shrines and the development of the former Portofino Beach Resort.
With the expansion, the property giant is set to build five hotels, a beach club and more office buildings within the 28.8-hectare development here.
In the first quarter of 2014 alone, Megaworld posted a net income of P2.69 billion, which is a record 49-percent higher than the P1.81 billion for the same period in 2013, due to strong residential sales and rental income.
This year, Megaworld is set to complete the acquisition of the majority stakes in Global-Estate Resorts, Inc. (GERI), paving the way for completion of the consolidation process of all real estate businesses under the Megaworld brand. At present, Megaworld wholly owns Suntrust Properties, Inc. and majority of Empire East Land Holdings, Inc.
“We are very much on track on our aim to cement our leadership in the Philippine property industry. The plans for the future of Megaworld remain bright and clear,†Go added.
Megaworld has pioneered the “Live-Work-Play-Learn" concept for mixed-use communities in the Philippines, which are popularly known as “townships.â€
At present, the company has 10 townships all throughout the country covering around 300 hectares of land. This includes the 18.5-hectare Eastwood City, which is considered to be the country’s first cyberpark; the 50-hectare McKinley Hill in Fort Bonifacio; the 25-hectare Newport City in Pasay City; the 5-hectare Forbes Town Center in Bonifacio Global City; the 28.8-hectare The Mactan Newtown in Lapu-Lapu, Cebu; the 15.4-hectare Uptown Bonifacio in Bonifacio Global City; the 34.5-hectare McKinley West in Fort Bonifacio; the 12.3-hectare Woodside City in Pasig City; the 11-hectare Davao Park District in Davao City; and the 72-hectare Iloilo Business Park in Mandurriao, Iloilo.