Megaworld funnels P3.4 billion into 3 townships

MANILA, Philippines — Property giant Megaworld Corp. is using the P3.4 billion proceeds from its block sale of MREIT shares in July and September to expand its three township developments.

Megaworld said it intends to reinvest the MREIT share sale proceeds to add new income-generating assets, office towers, lifestyle malls, and hotels on its three township developments, namely The Upper East in Bacolod, The Mactan Newtown in Cebu and Paragua Coastown in Palawan.

“These three provincial townships, while different in scale and themes, have huge potential for tourism, which will drive business into these localities. We hope to be able to expand our offerings that can generate more jobs and help boost tourism in these exciting destinations,” Megaworld president and CEO Lourdes Gutierrez-Alfonso said.

Megaworld is developing a 34-hectare business and lifestyle district in the eastern part of Bacolod City, situated on a property that was once the Bacolod-Murcia Milling Co. sugar mill complex.

Construction of three residential condominium towers and one office building has been completed in the township, while two additional residential developments, an office tower, and a hotel are currently under construction.

Megaworld is set to start constructing its lifestyle mall within the township by next year.

In Lapu-Lapu City, Megaworld is developing a 30-hectare new business, lifestyle and tourism district.

Four residential developments have already been completed in the district, while three more are under construction. The township is also home to five office towers and two hotels.

Furthermore, two tourism-related facilities are being constructed: the Mactan Expo, a standalone convention center, and the Mactan World Museum, a multi-level historical and cultural museum.

Megaworld is also developing a 462-hectare eco-tourism community in San Vicente, Palawan.

The company is building two hotels, two residential condominiums, a residential village, commercial districts, and nature parks within the estate.

“As we move closer to our one-million square meters of gross leasable area target, we are already laying the groundwork for growth beyond that milestone. These projects will not only sustain MREIT’s expansion pipeline but also enhance its long-term earnings visibility and shareholder value,” MREIT chairman Kevin Tan said.

“We look forward to the new income-generating assets that will be part of the potential future assets of MREIT, particularly the new malls and offices that will be built,” he said.

MREIT’s portfolio is currently composed of 24 prime office properties located in five Megaworld townships: Eastwood City in Quezon City, McKinley Hill and McKinley West in Taguig, Iloilo Business Park in Iloilo City and Davao Park District in Davao City.