Megaworld to develop more township in provinces

MANILA, Philippines — Property developer Megaworld Corp. is set to continue its expansion next year with the launch of new townships across the country.

“We’re going to be introducing more townships,” said Megaworld senior vice president Kevin Tan.

“We’re going to be more aggressive now because we see a lot of growth in the provinces like Bacolod and Iloilo. We hope to continue the momentum in these regions,” he added.

The company earlier announced it was building a 34-hectare central business district in Bacolod called The Upper East.

Megaworld is building more hotel project next year owing to the country’s growing tourism market in Metro Manila.

Apart from Bacolod and Iloilo, Megawide is also looking at expanding in Boracay, Cebu, Davao, and Pampanga, among others.

Tan, however, clarified that the company would continue to work on projects within Metro Manila.  Among these include Sheraton and Okura, located within the Newport City.

He said Megaworld would also launch the Ritz Carlton Hotel in 2020.

The company will also resume the construction of its 31-hectare Westside City township.

“I think we’re going to be focusing quite a lot on entertainment. We want to create this Broadway of Asia concept so we’re putting together a few theaters,” Tan said.

Megaworld earlier announced it would spend P121 billion over a period of 10 years, more than five times the initial P10 billion capex it set in 2015.

Moreover, Tan, who also sits as the chief executive officer of Alliance Global Group Inc., said the group would pursue the expansion of its other businesses.

Emperador is set to introduce more products while Golden Arches Development Corp. plans to open 50 new McDonalds outlets.