Property developer Megaworld Corp. said over the weekend it is building new projects as it earmarked P50 billion on capital expenditures this year, up 39 percent from P38 billion last year.
Megaworld said in a statement it would spend about 75 percent of the budget for real estate developments, including the construction of new residential properties and land development of townships, and 25 percent for investment properties and land banking.
It said it raised the capital spending on expectations of improved mobility and a more revitalized economy this year.
“We have accelerated some projects to pave the way for opportunities coming from the pandemic recovery,” Megaworld chief strategy officer Kevin Tan said.
The company also reported plans to launch 14 new residential and commercial lot projects with a total sales value of P30 billion in 2022.
These new residential projects are located in township developments in Cavite, Laguna, Iloilo City, Pampanga, Taguig City, Las Piñas City, Pasig City, Palawan, Bulacan and Makati City.
It also plans to launch four additional townships in Metro Manila, CALABARZON and 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,” said Tan.
Megaworld has 28 integrated urban townships, integrated lifestyle communities and lifestyle estates in around 30 cities across the country.
The company announced last week it is building an upscale residential village inside the 140-hectare Maple Grove township in General Trias, Cavite. Jenniffer B. Austria
The 22-hectare Maple Grove Park Village will be a luxury resort-inspired residential community that offers 377 lots, ranging in size from 280 square meters to more than 500 square meters.
The village would be ready for turnover to owners by 2026. The company is expected to generate P6.5 billion in sales from the project.
Megaworld said net income grew by 30 percent in the first quarter to P3.1 billion from last year’s P2.4 billion on the back of double-digit growth in sales.
Consolidated revenues reached P13.1 billion, up 29 percent from P10.2 billion a year ago on strong performance of various real estate segments.