New Skycrapers from Megaworld
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Philippine property developer Megaworld Corp and its subsidiaries have earmarked P55 billion (US$1.172 billion) for capital spending in 2016 to boost commercial assets.
Real estate tycoon Andrew Tan’s flagship property arm and subsidiaries Global-Estate Resorts (GERI), Empire East Holdings and Suntrust Properties have announced plans to aggressively expand a group-wide rental portfolio.
The company said 75 per cent of the budget will be used for development projects, particularly for the construction of new malls, commercial centers, office buildings and residential projects in townships. The remaining 25 per cent will be used for land acquisition and investment properties.
“This year, we would start developing our new townships in Pasig City, Bacolod and Pampanga while ramping up our office and mall developments across our existing townships. We are bullish on the office and retail sectors because we see a remarkable growth in these businesses,” Megaworld senior VP Jericho Go said in a press statement.
The spending budget this year matches the same level earmarked for 2015.
Questions & Answers
Q.What is the total capital spending Megaworld and its subsidiaries have planned for 2016?
What is the total capital spending Megaworld and its subsidiaries have planned for 2016?
Megaworld and its subsidiaries have allocated P55 billion, which is equivalent to US$1.172 billion, for capital spending during 2016. This budget is intended to enhance their commercial assets.
Q.How will the 2016 capital spending budget be allocated across different types of projects?
How will the 2016 capital spending budget be allocated across different types of projects?
Seventy-five per cent of the budget is designated for development projects, including new malls, commercial centres, office buildings, and residential developments within townships. The remaining twenty-five per cent will fund land acquisition and investment properties.
Q.Which specific cities will see new township developments from Megaworld this year?
Which specific cities will see new township developments from Megaworld this year?
Megaworld plans to begin developing new townships in Pasig City, Bacolod, and Pampanga this year. They also aim to accelerate office and mall developments within their existing townships across the Philippines.
Q.What business sectors are Megaworld particularly optimistic about for their expansion plans?
What business sectors are Megaworld particularly optimistic about for their expansion plans?
Megaworld is optimistic about the office and retail sectors, as stated by their senior VP Jericho Go. They anticipate remarkable growth in these specific businesses, driving their expansion strategy.
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