Megaworld’s largest landlord leads dev’t push

With P55 billion capital at its disposal, property giant Megaworld Corp. is bullish on maintaining its leading position as the country’s largest landlord as it gears towards completing around 180,000 square meters (sqm) of offices and around 100,000 sqm of mall and commercial retail spaces by the end of the year.

Kevin L. Tan, chief executive officer of Megaworld parent firm, Alliance Global Group Inc., said this year’s targets will better position the company to achieve its larger goal of securing a total of 3 million sqm of total leasing portfolio by 2030.

Particularly, Tan said the company’s gross leasable area (GLA) for office spaces is envisioned to reach 2 million sqm by the end of the decade, while the gross leasable area for malls will reach 1 million sqm.

P350-B five-year capex program

“Growing our malls and office segments within the next six years is a big part of our continuing expansion. This year, Megaworld has budgeted P55 billion for capital expenditure, which is an important part of our overall P350-billion five-year capex program that began in 2023,” Tan said during Megaworld’s annual stockholders’ meeting on Monday.

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

These new office stocks will be from its townships in Bulacan, Pampanga, Cavite, Bacolod and Metro Manila.