Megaworld Corp., the property unit of billionaire Andrew Tan, said Tuesday it plans to open 11 commercial properties across its townships all over the country in 2019 to expand its commercial retail portfolio.
Megaworld said in a disclosure to the stock exchange the 11 commercial properties would add another 54,000 square meters in gross floor area to its commercial retail portfolio.
Megaworld said that by year-end, its commercial retail footprint would reach around 771,000 square meters, with presence all over Metro Manila, Luzon, the Visayas, and Mindanao.
Slated for opening this year are retail spaces in Iloilo Business Park in Mandurriao, Iloilo City; Alabang West along Daang Hari in Las Piñas City; McKinley Hill and Uptown Bonifacio, both in Taguig City; Arcovia City in Pasig City; Boracay Newcoast in Boracay Island, Aklan; and Davao Park District in Lanang, Davao City.
“The biggest chunk of the new retail spaces will be in Uptown Bonifacio, as we embark on an expansion of our new retail row in front of Uptown Mall and Uptown Parade,” Megaworld chief strategy officer Kevin Tan said.
The property firm is also launching a new retail development inside Arcovia City, its newest township along C5 in Pasig fronting Valle Verde and in Alabang West.
Megaworld opened last year its first full-scale lifestyle mall in Iloilo Business Park, the P2.2-billion Festive Walk Mall, offering around 90,000 square meters of retail spaces.
It also opened three new community malls in Alabang and Makati, including The Village Square in Alabang, Muntinlupa City; Three Central in Valero Street, Salcedo Village, Makati City; and San Lorenzo Place in Edsa corner Chino Roces Ave., Makati City. These three new commercial centers offer 26,500 sqm in retail spaces.
“Every mall that we build has curated spaces that evoke the character of the township where it is located. We want to create commercial properties that are not just for shopping and dining, but those that help drive tourism,” Tan said.
Megaworld earlier said it budgeted P65 billion for the 2019 capital expenditures to roll out residential, office and mall projects across its township developments and acquire more land.