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Megaworld raises spending to P286b

By Jenniffer B. Austria | Apr. 06, 2015 at 11:05pm [ ]

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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