Megaworld earmarks P30B for office expansion

MANILA, Philippines –  Billionaire Andrew Tan-led Megaworld Corp. will spend P30 billion in the next five years to build offices within its townships, mostly outside Metro Manila.

The developer on Monday said the budget would also be used to “reinvent, reinvigorate and reimagine” its existing office developments.

READ: Broad boom boosts Megaworld bottom line by 12% to P21.7B

“We are optimistic about the office sector in the Philippines, particularly as more international companies continue to come in, either to establish their presence or expand their operations here,” Megaworld executive director Kevin Tan said in a statement.

The new office developments will be built within Megaworld townships in Bulacan, Pampanga, Bacolod, Iloilo, Cebu, Davao and Metro Manila.

Megaworld’s office expansion comes amid the sector’s weakness in the National Capital Region, with vacancy reaching an all-time high of 19.4 percent last year, data from Colliers Philippines showed.