Megaworld allots P60 B capex for this year
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by Land Asia Listings
- February 9, 2017
- Real Estate Updates
- 0
Updated February 9, 2017 – 12:00am
http://www.philstar.com/busine
MANILA, Philippines – Megaworld Corp. has earmarked P60 billion for its capital expenditures this year, bulk of which will be used to expand its townships across the country.
Of the P60 billion, 80 percent or P48 billion will be spent on accelerating and expanding projects in its various townships. These include the construction of new residential condominiums, office towers, commercial centers and hotels.
The balance of 20 percent or P12 billion will be used to acquire more land and investment properties.
Canuto said funding would come from internally generated sources and the debt market.
“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 P30-billion retail bond program,” he said.
Megaworld is aggressively expanding this year to meet its goal of doubling rental revenues by 2020.
“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,” Canuto said.
While the company expands its existing residential properties and introduces more residential products in townships this year, it also continues to focus on its goal toward doubling its rental revenues by 2020.
Megaworld is fasttracking developments in existing townships, particularly in McKinley West, Uptown Bonifacio, Davao Park District, Iloilo Business Park, Boracay Newcoast, Twin Lakes and Alabang West.
In the residential landscape, the group is set to launch 20 projects valued at P31.2 billion. These are in Uptown Bonifacio, McKinley West and McKinley Hill, all in Fort Bonifacio; Iloilo Business Park in Mandurriao, Iloilo City, The Capital Town in San Fernando, Pampanga; Maple Grove in General Trias, Cavite; Eastland Heights in Antipolo, Rizal; Boracay Newcoast in Boracay Island; Sta. Barbara Heights in Iloilo; and Twin Lakes near Tagaytay.
For office space, Megaworld is adding seven new office towers in Iloilo Business Park, Newport City, Eastwood City, Southwoods City and Las Pinas City; and six new lifestyle malls and commercial centers in McKinley West, Boracay Newcoast, Iloilo Business Park, Las Piñas City and Makati City.
