Megaworld Investing P10 B in Luzon This Year
June 20, 2017
Township developer Megaworld Corporation is allocating around P10-billion capital spending for its various Luzon developments this year.
The firm said it is strengthening its presence in various provinces in Luzon with its aggressive expansion of its development portfolio in Pampanga, Cavite, Rizal, Batangas, and Laguna.
This includes the construction and completion of more residential, office, commercial and hotel developments in Twin Lakes near Tagaytay and Southwoods City in Cavite-Laguna, as well as for land development in Capital Town in San Fernando, Pampanga and in Eastland Heights in Antipolo, Rizal.
“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,” said Megaworld Senior Vice President Jericho Go.
He noted though that, “of course, we will still simultaneously and continuously develop our existing townships all across the country.”
“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 north. We will be announcing these new, exciting locations within the year,” added Go.
Meanwhile, Go said that sales of Megaworld’s residential projects have picked up mainly due to the depreciation of the peso coupled with the continued growth in remittances.
“Our buyers from overseas or those benefitting from remittances have more buying power now. The dollar used to be worth 40 pesos and it is now worth 50 pesos,” he explained.
Go said Megaworld’s inventory of residential units have dropped to just one year’s supply worth R90 billion from two years worth P180 billion.
Megaworld is launching R30 billion worth of new residential projects this year to boost its inventory. Aside from Metro Manila, it is also launching projects in the provinces such as Antipolo, Laguna, Tagaytay, Pampanga, and Iloilo.
Within the next few months, Megaworld will also start land development in Maple Grove, another new 140-hectare township in General Trias, Cavite.
Source: Manila Bulletin