Megaworld group budgets P60-B capex this 2017

Property giant Megaworld, reported it would allocate P60-billion in capital expenditures (CapEX) this 2017.

In collaboration with its subsidiaries Empire East Holdings Inc., Global-Estate Resorts Inc. and Suntrust Properties Inc., Megaworld aims to use eighty percent of this year’s CapEx for accelerating and expanding projects nationwide like residential condominiums, office towers, commercial centers and hotels. Meanwhile, twenty percent of the budget will be used for land acquisition and investment properties.

"The country’s sound business climate allows us to further grow our office and commercial leasing businesses towards a strong and stable recurring income base,” stated Francis Canuto, Treasurer of Megaworld.

Canuto said Megaworld will launch 20 residential projects in Uptown Bonifacio, McKinley West and McKinley Hill, all in Fort Bonifacio; Iloilo Business Park in Mandurriao, Iloilo City; The Capital Town in the City of San Fernando, Pampanga; Maple Grove in General Trias, Cavite; Eastland Heights in Antipolo, Rizal; Boracay Newcoast in Boracay Island; Sta. Barbara Heights in Iloilo; and Twin Lakes near Tagaytay, covering sales value of around P31.2-billion.

Aside from these, an additional seven (7) new office towers in Iloilo Business Park, Newport City, Eastwood City, Southwoods City and Las Pinas City; and six (6) new lifestyle malls and commercial centers in McKinley West, Boracay Newcoast, Iloilo Business Park, Las Pinas City and Makati City will be built.