Megaworld group earmarks B for expansion in 2017
TBusiness Park; The Capital Town in San Fernando, Pampanga; Maple Grove in General Trias, Cavite; Eastland Heights in Antipolo, Rizal; Boracay Newcoast; Sta. Barbara Heights in Iloilo; and Twin Lakes near Tagaytay.
Megaworld is also adding seven new office towers in Iloilo Business Park, Newport City, Eastwood City, Southwoods City and Las Piñas City; and six new lifestyle malls and commercial centers in McKinley West, Boracay Newcoast, Iloilo Business Park, op urban township developer Megaworld Corporation and its subsidiaries Empire East Holdings, Inc., Global-Estate Resorts, Inc. (GERI) and Suntrust Properties, Inc., are allocating a total of R60 billion for capital expenditures this year.
In a disclosure to the Philippine Stock Exchange, the firm said 80 percent of the capital spending for the year will be used for accelerating and expanding projects in various townships across the country, parIloilo ticularly on the construction of new residential condominiums, office towers, commercial centers and hotels.
The remaining 20 percent will be used for land acquisition and investment properties.
“Since our company’s cash position remains healthy, we will mostly utilize internally-generated funds to finance our capital spending for the year, and we will also tap the debt market through the proceeds of the first tranche of our R30-billion retail bond program,” said Megaworld Treasurer Francis Canuto.
This year, the Megaworld Group is set to fast-track most of its developments in existing townships, particularly in McKinley West, Uptown Bonifacio, Davao Park District, Iloilo Business Park, Boracay Newcoast, Twin Lakes and Alabang West.
The group is set to launch 20 residential projects covering sales value of around R31.2 billion.
These projects are in Uptown Bonifacio, McKinley West and McKinley Hill, all in Fort Bonifacio; Las Piñas City, and Makati City.
“While we expand our existing residential properties and introduce more residential products in our townships this year, we continue to focus on our goal towards doubling our rental revenues by 2020,” said Canuto.
He added that “the country’s sound business climate allows us to further grow our office and commercial leasing businesses towards a strong and stable recurring income base.”