Megaworld Corporation's Leasing Portfolio to Reach 3 Million SQM by 2030

Megaworld is expanding its lease portfolio until 2030, with a goal of reaching 3,000,000 square meters of gross leasable area (GLA) for both Megaworld Premier Offices and Megaworld Lifestyle Malls. This is 52% larger than the company's overall leasing portfolio at the end of 2023.

During Alliance Global Group, Inc.'s Annual Stockholders' Meeting, CEO Kevin L. Tan revealed that Megaworld's gross leasable area for office spaces will reach 2,000,000 square meters by 2030, while the gross leasable area for malls will reach 1,000,000 square meters.

“Growing our malls and office segments within the next six years is a big part of our continuing expansion. This year, Megaworld has budgeted P55-billion for capital expenditure, which is an important part of our overall P350-billion five-year capex program that began in 2023. The budget will be used to develop our existing and upcoming townships, residential projects, investment properties, as well as land acquisition,” says Tan.

These new office stocks will come from the townships of Bulacan, Pampanga, Cavite, Bacolod, and Metro Manila. In contrast, the new retail spaces would be sourced from its lifestyle mall holdings in Cavite, Rizal, Pampanga, Bulacan, Bacolod, and Cebu. Davao, Boracay, and Palawan.

Following the successful turnover of the International Finance Center in Uptown Bonifacio, the business increased its office portfolio under Megaworld Premier Offices by 69,000 square meters of GLA to 1.5 million square meters in 2023. Megaworld Lifestyle Malls, on the other hand, increased its GLA by 33,000 square meters to 517,000 square meters by opening four new retail locations in various Megaworld townships, including the Philippines' largest Landers Superstore, which is located at The Upper East in Bacolod. 

Megaworld plans to complete approximately 180,000 square meters of offices and 100,000 square meters of mall and commercial retail space by the end of 2024.