By Jenniffer B. Austria | Apr. 06,
2015 at 11:05pm [ manilastandardtoday.com ]
Property developer Megaworld Corp.
said Monday it increased its five-year programmed capital spending to P285.8
billion from the initial estimate of P230 billion, as it plans to launch new
townships and expand existing mixed-use developments.
Megaworld said it would spend P65
billion in 2015 to build more residential and hotel projects, office buildings,
malls and commercial centers inside integrated urban townships.
It said at least 74 percent of capital
spending for the year would go to development projects, mostly in townships, while
26 percent would be for land acquisition and property investments.
“We have adjusted our capital spending
to pave the way for the expansion of offerings in our existing townships and
for the new additional township projects that we recently announced,” Megaworld
senior vice president and corporate information officer Francisco Canuto said
in a statement.
The Megaworld Group, which also
includes subsidiaries Suntrust Properties Inc., Empire East Land Holdings Inc.
and Global-Estate Resorts, Inc., is set to launch 22 residential projects in
Metro Manila, Laguna, Batangas, Boracay, Iloilo and Bacolod.
The group will also launch three hotel
towers in Boracay Newcoast, 10 office towers in McKinley West, McKinley Hill,
Eastwood City, Woodside City, Davao Park District and Southwoods City; and
three malls and commercial centers across its townships all over the country.
It said for township developments, it
would launch five new developments to add to the existing 15. Of the five new
townships, two are in Bacolod City, including the 34-hectare lot used to be
owned by Bacolod-Murcia Milling Co. and the 50-hectare property along the new
Circumferential Road on the boundary of Talisay City and Bacolod City.
Megaworld’s existing township
developments include the 18.5-hectare Eastwood City in Quezon City, the
25-hectare Newport City in Pasay City, the 50-hectare McKinley Hill, the
35.4-hectare McKinley West and the 28.8-hectare Mactan Newtown in Cebu.
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