by Jamil Santos, Correspondent | World Executives Digest |
Megaworld Corp. plans to raise its capital expenditures this year to P60 billion from P55 million last year to fast-track township developments across the country.
The property-development arm of businessman Andrew L. Tan said 80 percent of the capital spending will focus on the construction of new residential condominiums, office towers, commercial centers and hotels, while 20 percent will be used for land acquisition and investment properties.
“Since our company’s cash position remains healthy, we will mostly utilize internally-generated funds to finance our capital spending for the year, and we will also tap the debt market through the proceeds of the first tranche of our P30-billion retail bond program,” Megaworld treasurer Francis Canuto said in an Inquirer report.
The company’s subsidiary brands Empire East Holdings, Inc., Global-Estate Resorts, Inc. (GERI) and Suntrust Properties Inc. are expected to benefit from the dole out.
With a combined sales value of around P31.2 billion, Megaworld’s 20 residential projects will be launched in Uptown Bonifacio, McKinley West and McKinley Hill, all in Taguig; Iloilo Business Park in Mandurriao, Iloilo City; Capital Town in San Fernando, Pampanga; Maple Grove in General Trias, Cavite; Eastland Heights in Antipolo; Boracay Newcoast in Aklan; Sta. Barbara Heights in Iloilo; and Twin Lakes near Tagaytay.
The company has also vowed to fast-track most of its developments in existing townships, particularly in McKinley West, Uptown Bonifacio, Davao Park District, Iloilo Business Park, Boracay Newcoast, Twin Lakes and Alabang West.
Megaworld will also add seven new office towers in Iloilo Business Park, Newport City, Eastwood City, Southwoods City and Las Pinas City, while six new lifestyle malls and commercial centers will rise in McKinley West, Boracay Newcoast, Iloilo Business Park, Las Pinas City and Makati City.
The company is expected to complete close to 1 million square meters of new rental inventory in the next three years, bringing the company’s total rental space inventory to more than 2.5 million square meters by 2020.