Tycoon Andrew Tan-led property developer Megaworld Corp. seeks to expand its stream of recurring income with the opening of 11 commercial properties across the country this year.
These properties will add a total of 54,000 square meters of leasable area to its portfolio, bringing its nationwide commercial retail footprint to around 771,000 sqm by yearend.
These will open new retail space in the following: Iloilo Business Park in Mandurriao, Iloilo City; Alabang West along Daang Hari in Las Piñas City; McKinley Hill and Uptown Bonifacio, both in Taguig City; Arcovia City in Pasig City; Boracay Newcoast on Boracay Island, Aklan; and Davao Park District in Lanang, Davao City.
“The biggest chunk of the new retail spaces will be in Uptown Bonifacio, as we embark on an expansion of our new retail row in front of Uptown Mall and Uptown Parade. We are also launching a new retail development inside Arcovia City, our newest and must-visit township along C-5 in Pasig fronting Valle Verde. Down south, there is something exciting coming up in Alabang West, which is part of our Beverly Hills-themed commercial row,” Megaworld chief strategy officer Kevin Tan said in a statement.
In the second half of 2018, Megaworld opened its first full-scale lifestyle mall in Iloilo Business Park, the P2.2-billion Festive Walk Mall, offering about 90,000 sqm of retail space.
Megaworld also opened three new community malls in Alabang and Makati, namely: The Village Square in Alabang, Muntinlupa City; Three Central on Valero Street, Salcedo Village, Makati City; and San Lorenzo Place in Edsa corner Chino Roces Avenue, Makati City. These three new commercial centers offer around 26,500 sqm in retail spaces. —DORIS DUMLAO-ABADILLA