Andrew Tan-led township developer Megaworld Corp. is investing ₱30 billion over the next five years to further ramp up its office portfolio by building new office buildings.
In a disclosure to the Philippine Stock Exchange, the firm said part of the five-year budget will also be used to “reinvent, reinvigorate, and reimagine” existing office developments in its various townships across the Philippines.
These new office developments will soon rise within Megaworld townships in Bulacan, Pampanga, Bacolod, Iloilo, Cebu, Davao, Metro Manila, and other new growth areas where Megaworld townships will be built.
All these office developments will be Leadership in Energy and Environmental Design (LEED)-registered and -certified and packed with sustainability features and several new amenities.
“We are optimistic about the office sector in the Philippines, particularly as more international companies continue to come in, either to establish their presence or expand their operations here,” said Kevin L. Tan, president and CEO of Alliance Global Group, the parent company of Megaworld.
He added that, “We see a significant spike in demand for office spaces, not just among BPO [business process outsourcing] companies, but even from traditional tenants as well.”
Earlier this year, Megaworld opened office towers in its provincial townships covering around 60,000 square meters (sqm) of gross leasable area (GLA).
These include Enterprise One in Iloilo Business Park, No. 1 Upper East in The Upper East Bacolod, and Pasudeco Tower in Capital Town Pampanga.
Within the year, the company is opening another 50,000 sqm of office inventory, particularly in Bacolod, Iloilo, and Cebu.
“The new office towers will highlight our continuing thrust towards embracing sustainability. We have been putting greater emphasis on this aspect of our business.
"This is part of our commitment to become more mindful about how we can help protect and preserve the environment together with our tenant partners,” said Megaworld President Lourdes Gutierrez-Alfonso.
In 2024, Megaworld announced that it aims to have two million sqm of gross leasable office space by 2030. Currently, the company has about 1.6 million sqm of leasable office space in its portfolio, making it the biggest office developer and lessor in the Philippines.
Megaworld has maintained its leadership status in the office market in Bonifacio Global City (BGC) with close to 900,000 sqm of office space in the entire district alone.