Philippine real estate giant Megaworld Corporation has allotted a total of PHP285.8 billion (USD6.41 billion) until 2019 to develop more mixed-use, integrated communities in the country’s prime development areas.
According to Megaworld’s senior vice-president and corporate information officer Francisco Canuto, an estimated PHP65 billion (USD1.46 billion) budget will be used to build new townships across the Philippines.
Roughly 74 percent of the funding will be spent for development projects – comprising residential, hospitality, retail, office and commercial components – while the rest will be used for acquisition of land and other 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,” Canuto said in a press statement.
The property giant, which is celebrating its 25th year in the real estate sector, earlier announced that it would be expanding its growing township portfolio in the country, with five more to be launched this year.
As of 2014, Megaworld’s township developments include Eastwood City (considered the pioneer urban township in Metro Manila); Megaworld at the Fort, which includes the super high-end McKinley West and Uptown Bonifacio, as well as Forbes Town Center and McKinley Hill; The Mactan Newtown in Cebu; and Boracay Newcoast on the popular resort destination, Boracay Island.
A number of the completed office spaces in these urban townships also include retail components to increase the attractiveness of each self-contained development.
Dr. Andrew L. Tan, founder and chief executive of Megaworld, said last year that his real estate group also plans to build 10,000 hotel rooms in the townships by 2020 to become the largest hospitality developer in the Philippines.
The latest capital expenditure of PHP285.8 billion (USD6.41 billion) supersedes the previous announcement in 2014 of the PHP230 billion (USD5.16 billion) budget.