Megaworld Corp. of tycoon Andrew Tan expects reservation sales to reach P90 billion this year, slightly higher than P87 billion last year, with the launch of more residential projects.
Megaworld senior vice president Jericho Go said in an interview at the sidelines of the annual stockholders’ meeting the company this year would launch P30 billion worth of projects across existing township developments.
“So far we are on track to meet our P90-billion reservation sales target,” Go said.
He said the company planned to build more projects outside Metro Manila.
About 30 percent of residential sales come from provincial areas while a big 70 percent are from Metro Manila projects.
Megaworld expects residential projects from provincial areas to account for 40 percent of total residential revenues over the next five years.
Megaworld plans to spend P10 billion in capital expenditures this year, especially on various projects in Luzon.
These include the construction and completion of more residential, office, commercial and hotel developments in Twin Lakes near Tagaytay and Southwoods City in the Cavite-Laguna area, as well as land development in Capital Town in San Fernando, Pampanga and in Eastland Heights in Antipolo, Rizal.
Megaworld within the next few months will start land development in Maple Grove, another new 140-hectare township in General Trias, Cavite.
“There is so much opportunity here in Luzon and we believe that after aggressively expanding in the Visayas and Mindanao, it is time to give focus on our Luzon developments. But of course, we will still simultaneously and continuously develop our existing townships all across the country,” Go said.
“Aside from our existing developments, we are eyeing on the expansion of our development portfolio, particularly for our new concept of ‘integrated lifestyle community,’ in other Luzon provinces down south and all the way up,” he added.
Megaworld will also start land development in Maple Grove, another new 140-hectare township in General Trias, Cavite, within the next few months.
Go said the company under a five-year spending plan would allocate P122.5 billion in capital expenditures from 2018 to 2019.