Home Top News Megaworld earmarks P55 billion for expansion

Megaworld earmarks P55 billion for expansion

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TAN-LED Megaworld Corp. said it has allocated P55 billion for its capital expenditure (capex) budget this year to support its expansion plans.

“This year, Megaworld has budgeted P55 billion for capex, which is an important part of our overall P350-billion five-year capex program that began in 2023,” Megaworld Executive Vice- President Kevin Andrew L. Tan said during the company’s annual stockholders meeting on Monday.

“The budget will be used to develop our existing and upcoming townships, residential projects, investment properties, as well as land acquisition,” he added.

Megaworld aims to have three million square meters (sq.m.) of gross leasable area (GLA) under its leasing portfolio by 2030 for both Megaworld Premier Offices and Megaworld Lifestyle Malls.

By 2030, Megaworld said its office space GLA will reach two million sq.m., while mall GLA will reach one million sq.m. The figure is 52% higher than the company’s total leasing portfolio as of end-2023.

Megaworld will finish around 180,000 sq.m. of offices and about 100,000 sq.m. of mall and commercial retail spaces this year.

The new office supply will come from Megaworld townships in Bulacan, Pampanga, Cavite, Bacolod, and Metro Manila, while the new retail spaces will be sourced from new mall properties in Cavite, Rizal, Pampanga, Bulacan, Bacolod, Cebu, Davao, Boracay, and Palawan.

“Growing our malls and office segments within the next six years is a big part of our continuing expansion,” Mr. Tan said.

In 2023, the company increased its office portfolio under Megaworld Premier Offices by 69,000 sq.m. of GLA to 1.5 million sq.m. following the turnover of the International Finance Center in Uptown Bonifacio.

Megaworld Lifestyle Malls increased its GLA by 33,000 sq.m. to 517,000 sq.m. with the opening of four new retail locations in various Megaworld townships.

Megaworld is the property unit of the Tan family’s holding company Alliance Global Group, Inc.

On Monday, Megaworld shares rose by 1.14% or two centavos to P1.78 per share. — Revin Mikhael D. Ochave

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