MEGAWORLD Corp. recently opened three new community malls in
Makati City and Alabang, adding 26,500 square meters (sq.m.) of retail
spaces to its portfolio.
In a statement issued over the weekend, the listed property developer
said San Lorenzo Place and Three Central in Makati City, and The
Village Square in Alabang are now operational. The new malls are touted
as “neighborhood commercial centers” that supply the needs of residents
who live nearby.
“Smaller than the usual full-scale malls, our community malls still
bear the signature brand of our Megaworld Lifestyle Malls. They
primarily cater to the surrounding communities of each location,
providing accessibility to a variety of dining, shopping, wellness and
service options,” Megaworld Senior Vice-President and Head of Lifestyle
Malls Kevin Andrew L. Tan said in a statement.
San Lorenzo Place, located along EDSA Corner Chino Roces Avenue in
Makati City stands two stories tall, and has Shopwise Express as its
supermarket operator. The mall also houses National Book Store, The
Medical City Clinic, restaurants, coffee shops, health and wellness
stores, and laundry shops, among other tenants.
Also located in Makati is Three Central, at the podium area of the
Three Central residential condominium along Valero Street in Salcedo
Village. The two-storey mall’s locators include the Marketplace by
Rustan’s Supermarket, restaurants, coffee shops and health and wellness
shops targeted toward residential and office communities within the
area.
Meanwhile, The Village Square Alabang houses SM Supermarket, DIY
Store, and a number of restaurants and fastfood chains. The two-level
mall is connected to a 12-storey business process outsourcing (BPO)
office tower and a four-level parking facility.
With the new mall openings, Megaworld now has 17 full-scale and
community malls under the Megaworld Lifestyle Malls brand. Its most
recent full-scale mall opening was the Festive Walk Mall in Iloilo
Business Park. The company’s first full-scale mall outside Luzon spans
90,000 sq.m. of retail and commercial spaces.
The property firm of tycoon Andrew L. Tan targets to end the year
with a total of 18 shopping malls, keeping it on track to hit 28 malls
by 2020. Megaworld earlier said it plans to put up malls in all its
townships, alongside some smaller properties across the country.
This will support Megaworld’s goal of generating P20 billion in
recurring income by 2020, by which time total rental space will have
reached 2.5 million sq.m.
Megaworld is included under Mr. Tan’s Alliance Global Group, Inc.,
which also has core interests in liquor, gaming, and quick- service
restaurants.
The company’s attributable profit climbed 11% to P3.2 billion in the
first quarter of 2018, following a 10% increase in revenues to P13.1
billion for the period. — Arra B. Francia
