Megaworld opening P2.2-B Iloilo mall in April

ILOILO CITY, Philippines — Megaworld Corp. is set to open by April its biggest full-scale mall outside Luzon, a P2.2 billion investment that is the first of four malls to open this year.

Kevin Tan, senior vice president and head of Megaworld Lifestyle Malls, said the upcoming project called Festive Walk Mall would be the firm’s 15th lifestyle mall in the country, putting the company on track with plans to put up 28 malls by 2020.

“We are excited to bring our lifestyle mall concept to Iloilo – our first outside of Luzon. This full-scale mall will further expand our offerings in Iloilo Business Park as it matures as a township,” Tan said.

Aside from the Festive Walk Mall, Tan said Megaworld would open three more lifestyle malls this year. These upcoming malls, which will not be as big as the Festive Walk Mall, according to Tan, will rise in Pasig, Alabang and Boracay.

“We will end the year with 18 malls. So we’re on track to hit the 28 malls by 2020. At the very least, we want one or two malls in every township. We have 23 townships at present,” he said.

Megaworld’s mall expansion is in line with plans to beef up the company’s recurring income portfolio, Tan said.

Megaworld is eyeing to post a recurring income of at least P20 billion annually by 2020. Of the amount, half will come from its mall business, he added.