Megaworld to set aside P60 billion for capital expenditures this year
February 8, 2017
Property giant Megaworld, along with its subsidiary brands Empire East Holdings, Inc., Global-Estate Resorts, Inc. and Suntrust Properties, Inc.,is allocating P60-billion in capital expenditures this year, the company said in a statement on Wednesday.
Eighty percent of capital spending will be used to speed up and expanding projects in various townships across the country, particularly in building new residential condominiums, office towers, commercial centers and hotels. Twenty percent will be used for land acquisition and investment properties.
“Since our company’s cash position remains healthy, we will mostly utilize internally-generated funds to finance our capital spending for the year, and we will also tap the debt market through the proceeds of the first tranche of our P30-billion retail bond program,” said Megaworld treasurer Francis Canuto.
The Megaworld Group is set to fast-track most of its developments in existing townships, particularly in McKinley West, Uptown Bonifacio, Davao Park District, Iloilo Business Park, Boracay Newcoast, Twin Lakes and Alabang West.
The group is set to 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.
Megaworld is also adding seven new office towers in Iloilo Business Park, Newport City, Eastwood City, Southwoods City and Las Pinas City; and six new lifestyle malls and commercial centers in McKinley West, Boracay Newcoast, Iloilo Business Park, Las Pinas City and Makati City. DMS
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