Megaworld sets P60-B capital outlay plan for 2017

Tycoon Andrew Tan-led property developer Megaworld Corp. has earmarked P60 billion for group-wide capital outlay this year, mostly to fast-track township developments across the country.

This is P5 billion higher than the amount spent by the company last year.

In a statement, Megaworld said 80 percent of the capital spending for the year would be used for accelerating and expanding projects in various townships across the country, particularly on the construction of new residential condominiums, office towers, commercial centers and hotels.

The remaining 20 percent will be used for land acquisition and investment properties.

“Since our company’s cash position remains healthy, we will use mostly 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,” Megaworld treasurer Francis Canuto said.

This year, Megaworld vowed 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. —DORIS DUMLAO-ABADILLA