Property developer Megaworld Corp. disclosed a capital expenditure program of P350 billion from 2023 to 2027 primarily to build more townships across the country and roll out more residential, office, retail and hotel projects.
Megaworld said in a disclosure to the stock exchange it earmarked P55 billion for 2023 capital expenditures.
The five-year capex is primarily intended to develop townships in new growth areas outside Metro Manila, particularly CALABARZON, MIMAROPA, Northern Luzon and some parts of the Visayas and Mindanao, it said.
“This capex program will allow Megaworld to set its sight on various opportunities in building townships or mixed-use lifestyle communities, which is already the strength of our company,” Megaworld chief strategy officer Kevin Tan said.
“Aside from residential, office, malls and hotels, there are more to offer to make every township more relevant and sustainable to the next generation of Filipinos,” Tan said.
Megaworld also plans to build more hotels and MICE (meetings, incentives, conventions, exhibitions) facilities in key cities within the next five years as global travel rebounds from the pandemic.
The property firm is also building more ‘sustainable’ Grade A office towers to address continued strong demand for workspaces especially from emerging businesses and industries, even as BPOs remain a key driver for office demand.
These new office towers are located in the group’s townships in Metro Manila, Pampanga, Bulacan, Cavite, Cebu, Iloilo, Bacolod and Davao.
It also plans to build more malls in Pampanga, Bulacan, Cavite, Rizal, Cebu, Bacolod and Davao on significant increase in economic activities.
“There will be some land acquisitions during this period, and we are also preparing for that. Most of the budget will really be used to spruce up and expand the existing townships, and of course, to put up more residential, offices, malls, and hotel properties,” Tan said.
The share price of Megaworld closed unchanged at P1.96 Friday.