Megaworld Corporation is increasing its planned capital expenditures by 39 percent this year to P50 billion as it banks on improved mobility and a more revitalized economy this year.
In a statement, the firm said around 75 percent of this year’s budget will be spent for real estate developments, particularly on the construction of new residential properties and land development of townships, while 25 percent will be used for investment properties and land banking.
Last year, actual capital spending reached around P38 billion, 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 Megaworld Chief Strategy Officer Kevin L. Tan.
The company is launching four additional townships across the country this year: 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.
“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,” said Tan.
The firm is also scheduled to launch 14 new residential and commercial lot projects with a total sales value of P30 billion.
These new projects are in Cavite, Rizal, Laguna, Bacolod, Iloilo, Pampanga, Taguig, Las Piñas, Pasig, Palawan, Bulacan, and Makati.
Currently, Megaworld has 28 integrated urban townships, integrated lifestyle communities, and lifestyle estates in around 30 cities across the country.