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Thursday, May 30, 2024

Megaworld plans to expand office, mall leasable area by 52% in 7 years

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Property developer Megaworld Corp. said Monday it plans to expand its leasing portfolio to 3 million square meters (sq. m.) of gross leasable area (GLA) for both office buildings and malls by 2030.

This is 52 percent higher than the company’s total leasing portfolio as of end-2023.

Megaworld executive vice president and chief strategy officer Kevin Tan said during the company’s annual stockholders’ meeting the group’s gross leasable area for office spaces is expected to reach 2 million sq. m. by 2030, while the gross leasable area for malls is seen expanding to 1 million sq. m. in the same period.

“Growing our malls and office segments within the next six years is a big part of our continuing expansion,” Tan said.

The planned new office stocks will be located within the group’s township projects in Bulacan, Pampanga, Cavite, Bacolod and Metro Manila.

The new retail spaces will rise in Cavite, Rizal, Pampanga, Bulacan, Bacolod, Cebu, Davao, Boracay and Palawan.

It said that in 2024, the property firm targets to complete around 180,000 sq. m. of office spaces and around 100,000 sq. m. of mall and commercial retail spaces.

The company expanded its office portfolio under Megaworld Premier Offices by 69,000 sq. m. of GLA to 1.5 million sq. m. in 2023, after the successful turnover of the International Finance Center in Uptown Bonifacio.

Its malls portfolio also increased its GLA by another 33,000 sq. m. to 517,000 sq. m. with the opening of four new retail locations in various Megaworld townships, including the Philippines’ biggest Landers Superstore at The Upper East in Bacolod City.

Tan said the company also plans to double its hotel portfolio by 2029 by adding 4,100 room keys.

He said Megaworld budgeted P55 billion for 2024 capital expenditures as part of the group’s overall P350=billion five-year capex program that began in 2023.

“The budget will be used to develop our existing and upcoming townships, residential projects, investment properties as well as land acquisition,” said Tan.

Megaworld has 31 master‐planned integrated urban townships, integrated lifestyle communities and lifestyle estates across the country.

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