Megaworld Corp. plans to complete 21 new office and commercial projects over the next five years.
Megaworld said in a disclosure to the stock exchange Friday funding for the completion of the projects, located across 11 township projects, would come from the proceeds of the planned P27.3-billion initial public offering of its newly formed real estate investment trust company called MREIT Inc.
“The office sector is indeed quite resilient. We continue to be optimistic prime office business Megaworld chief strategy officer Kevin Andrew Tan said during the annual stockholders’ meeting.
Megaworld plans to lease out 315,000 square meters of office this year after renting out 78,000 sq m. in the first quarter
Tan said the planned new projects would help in full recovery in our economy, and the return of consumer confidence to normalcy.
“All of these new developments will spruce up our new townships, and at the same time, further expand our rental income portfolio. More than 70 percent of these new projects are office developments,” he said.