Megaworld allots P50-billion capex for 2022

Property developer Megaworld Corp. has earmarked P50 billion for its capital spending program this year, with the highest share going to its real estate development projects for the year.

The latest capital expenditure is 39% higher than in 2021, with 75% going to real estate developments including the construction of new residential properties and the development of townships.

Megaworld will then use the remaining 25% for investment properties and land banking activities.

The company plans to launch four additional townships across the country this year — one in Metro Manila, two in Calabarzon, and another in Mindanao, bringing its total townships to 32.

The new townships will have a coverage of 500 hectares of land, adding to Megaworld’s existing land bank of 4,500 hectares across the country.

“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,” Megaworld Chief Strategy Officer Kevin Tan said in an emailed statement.

The group is also scheduled to launch 14 new residential and commercial projects cumulatively worth P30 billion.

The new projects include Maple Grove and Arden Botanical Estate in Cavite; Eastland Heights in Rizal; The Hamptons Caliraya in Laguna; and The Upper East in Bacolod.

These also cover the 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 in Makati City.

Megaworld’s subsidiaries and associates include Richmonde Hotel Group International Limited, Eastwood Cyber One Corporation, Suntrust Properties Inc., Empire East Land Holdings Inc., Global-Estate Resorts Inc., and Bonifacio West Development Corp. — RSJ, GMA News