Megaworld Hikes Capital Spending to P65-Billion

Property giant Megaworld is ramping up its capital spending this year to P65-billion as it continues the expansion of its township developments, particularly in the provinces.

The P65-billion will be earmarked for land acquisition, strategic land banking, and the development of existing projects in its portfolio, and high-value investment properties as the company takes advantage of growth opportunities outside of Metro Manila.

​This year, the company will start land development for its townships in the provinces, which include Ilocandia Coastown in Ilocos Norte, The Upper Central in Cagayan de Oro City, and Nascala Coast in Nasugbu, Batangas. 

Megaworld is also continuously expanding its residential, office, and retail offerings in its townships in Bacolod, Iloilo, Pampanga, Cavite, and Palawan. This will help propel the growth of MREIT, Inc., Megaworld’s real estate investment trust, as more developments add to the list of future infusions that the company can tap.

“We are seeing opportunities ahead, and we look forward to the sustained growth in the office, commercial, hospitality, and tourism sectors. We are continuing our expansion program with renewed optimism as we innovate our township offerings. Our residential business remains a strong growth engine, especially as we introduce more pioneering projects that integrate new technologies such as the use of artificial intelligence into our new developments,” says Lourdes Gutierrez-Alfonso, president and CEO, Megaworld.

On the residential front, Megaworld is launching 19 projects this year with a total value of P65 billion. These developments will be located in Pasig, Taguig, Manila, Ilocos, Cavite, Batangas, Laguna, Palawan, Iloilo, Cebu, and Cagayan de Oro.

The company is also accelerating its hospitality expansion with five (5) hotels currently under construction. These are ArcoVia Hotel in Pasig; Savoy Hotel Capital Town in the City of San Fernando, Pampanga; Savoy Hotel Palawan and Paragua Sands in San Vicente, Palawan; and The Kingsford in Bacolod City. These properties will add nearly 2,000 rooms to Megaworld’s hotel portfolio, moving toward its goal of having more than 9,000 room keys within the next three years.

Just last week, Megaworld announced its 37th township development in the country, the 97 hectare The Sugartown in Talisay City, Negros Occidental.