Property developer Megaworld Corp. said it expects to end the year with 1.2 million square meters of leasable space, as it continues to ramp up office and retail developments.
Megaworld executive vice president Kingson Sian said the company was set to complete 114,000 square meters of office space and another 105,000 square meters of retail space this year.
“This year we will breach the one-million-square-meter mark, split between office and retail and by 2017-2018, we will breach the one-million-square-meter market for office alone,” Sian said.
He said by the end of 2016, Megaworld would have 851,000 square meters of office space and 341,000 square meters of commercial and retail space.
Sian said the company would easily roll out the office, retail and residential developments as components of integrated township projects.
Megaworld currently has 21 integrated urban townships across the country covering around 3,061 hectares in terms of land area.
Twelve of them, or more than half, are in the provinces covering 2,807 hectares while the remaining nine are in Metro Manila spanning 254 hectares.
Megaworld earlier committed to provide the market at least 100,000 square meters of office space and another 60,000 to 70,000 square meters of retail developments annually until 2019.
Megaworld increased its 2016 rental income target to P11 billion from the original target of P10 billion.
Megaworld said 11 malls and commercial centers would be completed in McKinley Hill, Uptown Bonifacio, McKinley West, The Mactan Newtown, Iloilo Business Park, ArcoVia City, Southwoods City and Makati City by end of the year.
The company’s malls and commercial centers primarily cater to the group’s increasing residents and BPO workers within its townships.
The company’s offices and retail spaces enjoy an occupancy rate of around 99 percent across the developments.
Megaworld’s leasing income from malls, commercial centers and offices reached P8.73 billion in 2015, up by 23.4 percent from P7.07 billion in 2014.