MEGAWORLD Corp. is hiking its capital expenditure (capex) budget this year to P50 billion as it begins accelerating the development of its projects amid eased restrictions and the reopening of the economy, the property developer said during the weekend.
“We have accelerated some projects to pave the way for opportunities coming from the pandemic recovery,” Megaworld Chief Strategy Officer Kevin L. Tan said in a statement.
In 2021, capital spending reached around P38 billion, almost 6% higher than its earmarked P36 billion, as the company began resuming construction activities.
Of the total budget, 75% will be spent for real estate developments, particularly on the construction of new residential properties and land development of townships. The remaining 25% will be used for investment properties and land banking.
The company said it is also launching four additional townships across Metro Manila, Calabarzon, and Mindanao. The new townships will cover around 500 hectares of land, which will add to the company’s existing land bank of around 4,500 hectares.
“This will bring the total number of Megaworld’s townships to 32 this year. We look forward to further expanding our portfolio of residential, office, hotel, and mall properties in these new areas that are considered among the key growth centers in the country today,” Mr. Tan said.
The group is also scheduled to launch 14 new residential and commercial lot projects with a total sales value of P30 billion.
These new projects are 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.
In May, Megaworld launched its first upscale residential village in its Maple Grove township in General Trias, Cavite.
Megaworld has 28 integrated urban townships, integrated lifestyle communities, and lifestyle estates in around 30 cities across the country. At the stock exchange on Friday, Megaworld shares went down by 1.07% or three centavos to close at P2.77. — Luisa Maria Jacinta C. Jocson
