Megaworld Corp. plans to grow its rental revenue portfolio over the next five years by expanding its project pipeline, the firm stated on Friday.
“We have many growth possibilities in our pipeline, and we are prepared to pursue them,” Andrew L. Tan, Megaworld’s chairman and chief executive officer, said at the company’s annual shareholders meeting.
The firm intends to build more office and commercial space in addition to completing 19 existing projects this year.
“These are all significant initiatives that we want to undertake when our economy recovers fully and consumer confidence returns to normalcy,” Megaworld Chief Strategy Officer Kevin Andrew L. Tan said.
The majority of new developments are office buildings, accounting for 70% of the list’s 15 developments: Uptown Bonifacio and McKinley West in Taguig City, Arcovia City in Pasig, Iloilo Business Park, The Upper East in Bacolod City, Capital Town in Pampanga, The Mactan Newtown in Cebu, and Davao Park District.
Megaworld plans to construct five lifestyle malls in Bacolod’s The Upper East and Northill Gateway neighborhoods, Pampanga’s Capital Town, Cavite’s Maple Grove, and Rizal’s Highland City.
Additionally, the publicly traded property firm said that it intends to build a hotel in Mactan Newtown.
Megaworld intends to build 21 new projects across 11 of its townships throughout the nation, using revenues from its real estate investment trust (REIT) offering, MREIT, Inc.
Megaworld is investing in MREIT with ten major office properties. The offer would consist of up to 1.239 billion secondary shares priced at a maximum of P22 per share.
“Our ultimate objective is to create MREIT not just the biggest office REIT in the world, but also the largest office REIT in the world.
Philippines, but to ultimately become one of Southeast Asia’s largest,” stated Mr. Tan, Chief Strategy Officer.
“At the moment, we are extremely optimistic in Iloilo, where our property values continue to rise and where our projects continue to sell out despite the pandemic,” he said, adding that the company’s projects in Cavite, Pampanga, and Bacolod also had good sales take-up.
In terms of future residential developments, the firm said that it intends to concentrate fresh launches in strategic locations outside Metro Manila.