Megaworld Corp., the property unit of billionaire Andrew Tan, said it is spending P10 billion to open eight new malls outside Metro Manila over the next three years.
Megaworld said in a disclosure to the stock exchange the eight new malls in key regional centers across the country would add 200,000 square meters of shopping space to its existing portfolio.
The planned new malls and commercial centers are located in Cebu, Bacolod, Davao, Boracay, Cavite and Pampanga.
“For the next three years, the Megaworld Lifestyle Malls brand will be seen in key growth areas around the country as we continue to tap opportunities for our retail partners to further expand and grow their brands with us,” Megaworld chief strategy officer Kevin Tan said.
The property developer said each new mall would have a distinct character and vibe, a concept in which Megaworld Lifestyle Malls has been known for.
“We veer away from standardizing our malls. We study and curate them based on what its location is all about. We want each mall to have its own charm and identity”•something that makes each one ‘endemic’ to the city where it is located,” said Tan.
Megaworld now has 17 lifestyle malls across the Philippines with a total retail space portfolio of 710,000 square meters.
Megaworld said that in the next two years it would open Maple Grove Mall in General Trias, Cavite and Northill Town Center in Northill Gateway, Bacolod City.
“Our goal is to have a mall in each township that we have. And in every lifestyle mall, we will always help and support local entrepreneurs in that area to flourish and build their businesses with us,” Tan said.
Among the flagship malls under the Megaworld Lifestyle Malls brand are Eastwood Mall in Quezon City; Uptown Mall, Venice Grand Canal and Forbes Town in Taguig City; Newport Mall at Resorts World Manila in Pasay City; Lucky Chinatown in Binondo, Manila; Southwoods Mall in Biñan, Laguna; and Festive Walk Mall in Iloilo City.
Megaworld Lifestyle Malls rental revenues reached P5.5-billion in 2018, representing almost 40 percent of the company’s rental revenues.
Megaworld said it was planning to have P20 billion in revenues from the leasing business including malls, hotels and office developments by 2020.