Megaworld sets P300B 5-year capital spending
MANILA, Philippines–Tycoon Andrew Tan-led property developer Megaworld Corp. has budgeted P300 billion in new capital outlays to scale up its nationwide township and lifestyle developments from 2020 to 2024.
The new capital expenditure program will fuel the company’s five-year pipeline of residential, office under its Megaworld Premier Offices brand, commercial retail under its Megaworld Lifestyle Mall brand, hotel developments, as well as possible land acquisition opportunities.
Out of the P300-billion CAPEX, Megaworld will allocate 65 percent for residential developments and investment properties while the remaining 35 percent will be set aside for land acquisition and land banking.
“Megaworld has secured significant coverage of raw land in the areas where we want to be in. Our focus now is on developing the land in order to sustain and further propel our strong earnings moving forward,” Megaworld chief strategy officer Kevin Tan said in a press statement after the company’s stockholders meeting on Friday.
During the earlier five-year period ending 2019, Megaworld has allocated P285 billion for its capital spending, most of which had been utilized mostly for property and township developments. (Editor: Jonathan P. Vicente)
Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.