Property developer Megaworld Corp. said Monday it will reinvest about P3.4 billion in proceeds from recent block sales of MREIT Inc. shares into the expansion of its township developments in Bacolod, Cebu and Palawan.
The funds, raised from MREIT share sales in July and September, will be used to build new income-generating assets such as office towers, lifestyle malls and hotels, the company said in a disclosure to the stock exchange.
These planned projects are located within three of the company’s key provincial townships: The Upper East in Bacolod, The Mactan Newtown in Lapu-Lapu City, Cebu, and Paragua Coastown in San Vicente, Palawan.
“These three provincial townships, while different in scale and themes, have huge potential for tourism, which will drive business into these localities,” said Megaworld president and chief executive Lourdes Gutierrez-Alfonso.
“We hope to be able to expand our offerings that can generate more jobs and help boost tourism in these exciting destinations,” she said.
