Megaworld Corp., the property arm of tycoon Andrew Tan, said it will spend P180 billion to develop 12 provincial townships over the next 10 years.
Megaworld executive director Kingson Sian said the company was aggressively expanding its developments in key provinces as it expected bigger opportunities outside Metro Manila.
“We have remained to be a strong real estate developer in Metro Manila during the past 27 years. Now, we are further spreading our nation-building efforts, particularly in developing idle lands into bustling business and lifestyle districts, to the key cities and towns across the country where economic opportunities abound,” Sian said.
The company’s move to expand to areas outside Metro Manila bodes well with the incoming government’s thrust to boost development across the region, he said.
Sian said the 10-point economic agenda of President-elect Rodrigo Duterte would also be good for the property sector.
Sian said these properties were acquired by the company over the past two decades.
Megaworld has 4,000 hectares of land in strategic areas. “So far, we have utilized a little over 3,000 hectares of our land bank for our township developments. This means, we still have around 1,000 hectares of land to develop and we are excited to do that in the years to come,” Sian said.
The 12 provincial township projects of Megaworld are Iloilo Business Park in Mandurriao, Iloilo City; The Mactan Newtown, in Lapu-Lapu City, Cebu; Davao Park District in Lanang, Davao City; Northill Gateway in Talisay City, Negros Occidental; The Upper East in Bacolod City; The Capital in the City of San Fernando, Pampanga; Twin Lakes in Alfonso, Batangas near Tagaytay; Southwoods City in the boundaries of Cavite and Laguna; Suntrust Ecotown in Tanza, Cavite; Sta. Barbara Heights in Sta. Barbara, Iloilo; Boracay Newcoast in Boracay Island; and Maple Grove in General Trias, Cavite.
It said of the 12 projects, seven were already partially operational while the remaining four, including Northill Gateway, The Upper East, The Capital and Maple Grove were lined up for development within the next three years.
“Those partially operational are the townships that have opened some of its components while some of the residential, office, commercial, institutional and leisure components are still under construction. Maturity of townships usually take 10 to 15 years, depending on the size and components,” Sian said.
