Billionaire Andrew Tan’s Megaworld Corp. is upping its investments in Bacolod as its integrated property developments or townships continued to expand.
Megaworld said in a statement on Monday that spending on its Bacolod townships would thus increase to P45 billion from the P35 billion it committed seven years ago.
The builder has two township projects in Bacolod: the 50-hectare Northhill Gateway, located at the boundary of Talisay City, and the 34-hectare The Upper East, which is near the Bacolod Government Center.
It said much of the spending would focus on The Upper East, an “upscale lifestyle district” with residential towers, malls, commercial spaces, offices and parks.
“We are adding P10 billion more to our investment for The Upper East as we see great potential and opportunities for this new township, which is now fast rising to be Bacolod’s first modern central business district,” Jennifer Palmares-Fong, vice president for sales and marketing at Megaworld Visayas, said in the statement.
Megaworld is preparing for further expansion given that its ongoing projects in the township were nearing completion.
Two Regis
It was planning to complete the second residential tower, Two Regis, next year while two more buildings were in the pipeline.
Megworld has about 1,000 residential units in The Upper East, the statement showed.
Palmares-Fong said they were planning to begin more commercial developments within the township. Its first business process outsourcing tower was also underway, she added.
Megaworld said it was the country’s largest developer of urban townships.
It ended 2021 with 28 of these master-planned communities.
These included the 18.5 hectare Eastwood City in Quezon City, 50-hectare McKinley Hill in Taguig, 1,300-hectare Twin Lakes in Batangas, 30-hectare The Mactan Newton in Lapu-Lapu, Cebu, 150-hectare Boracay Newcoast and 11-hectare Davao Park District in Lanang, Davao City.
Megaworld ended the previous year with a net income of P13.4 billion, up 36 percent, while total revenues jumped 17 percent to P50.8 billion. INQ