Township developer Megaworld is allocating P50-billion for capital spending this year, 39% higher than last year as the company expects improved mobility and a more revitalized economy this year.
Around 75% will be spent for real estate developments, particularly on the construction of new residential properties and land development of townships, while 25% will be used for investment properties and land banking.
Last year, actual capital spending reached around P38-billion, almost 6% higher than the programmed spending as eased restrictions allowed the resumption of construction activities during the period.
“We have accelerated some projects to pave the way for opportunities coming from the pandemic recovery,” says Kevin L. Tan, chief strategy officer, Megaworld.
Alongside a higher CAPEX this year, the company is also launching four (4) additional townships across the country: one in Metro Manila, two in CALABARZON, and another one in Mindanao. These new townships will cover around 500 hectares of land, which will be injected into the company’s existing land bank of around 4,500 hectares.
“This will bring the total number of Megaworld’s townships to 32 this year. We look forward to further expanding our portfolio of residential, office, hotel, and mall properties in these new areas that are considered among the key growth centers in the country today,” says Tan.
The Group is also scheduled to launch 14 new residential and commercial lot projects with a total sales value of P30-billion. These new projects are in in Maple Grove and Arden Botanical Estate in Cavite; Eastland Heights in Rizal; The Hamptons Caliraya in Laguna; The Upper East in Bacolod; Iloilo Business Park in Iloilo City; Capital Town in Pampanga; McKinley West in Taguig City; Alabang West in Las Piñas City; Arcovia City in Pasig City; Paragua Coastown in Palawan; Northwin Global City in Bulacan; and another one in Makati City.
Currently, Megaworld has 28 integrated urban townships, integrated lifestyle communities, and lifestyle estates in around 30 cities across the country. (PR)