Megaworld Corp. eyes to spend P55 billion this year amid optimism that real estate is on its way towards recovery.
The company in a presentation to market analysts Monday said it expects a continued improvement of real estate revenues in its residential segment amid an increase in construction activities.
It also expects a stable occupancy in its office spaces while still observing continued rent escalations despite the challenges in the office market.
Mall rent is also seen to exceed pre-pandemic revenues on the back of higher occupancy and full rent collection.
Hotel growth is anticipated in line with the improving outlook for the leisure and meetings, incentives, conventions and exhibitions activities, the company said.
This year, Megaworld will launch three new townships as it introduces projects worth P60 billion. It expects to generate P130 billion in reservation sales.
Between this year and 2026, the company will complete 207,200 square meters (sq.m.) in office spaces from five office buildings under construction and those to be built.
It also expects to generate 159,500 sq.m. in mall space between 2023 and 2026 out of eight mall projects, and 3,159 hotel keys between 2023 and 2028 out five hotels under construction. – Ruelle Castro
