Megaworld Corp. looks to spend P50 billion as capital expenditures this year, up 31.58 percent from last year’s P38 billion actual spending.
The company said 75 percent will be spent for real estate developments, particularly in the construction of new residential properties and land development of townships, while 25 percent will be used for investment properties and land banking.
Megaworld’ said its capital spending last year was almost 6 percent higher than the programmed spending as eased restrictions allowed the resumption of construction activities during the period.
“We have accelerated some projects to pave the way for opportunities coming from the pandemic recovery,” said Kevin Tan, Megaworld chief strategy officer.
The company is also launching four additional townships across the country: one in Metro Manila, two in Calabarzon, and another one in Mindanao. These new townships will cover around 500 hectares of land, which will be injected into the company’s existing land bank of around 4,500 hectares, Tan said.
Tan said this will bring the total number of Megaworld’s townships to 32 this year.
The Group is also scheduled to launch 14 new residential and commercial lot projects with a total sales value of P30 billion. These are in Maple Grove and Arden Botanical Estate in Cavite; Eastland Heights in Rizal; The Hamptons Caliraya in Laguna; The Upper East in Bacolod; Iloilo Business Park in Iloilo City; Capital Town in Pampanga; McKinley West in Taguig City; Alabang West in Las Piñas City; Arcovia City in Pasig City; Paragua Coastown in Palawan; Northwin Global City in Bulacan; and another one in Makati City,” Tan said.
Megaworld has 28 integrated developments it calls townships, integrated lifestyle communities, and lifestyle estates in around 30 cities across the country.
