Philippine Developer Megaworld Boosts Capital Spending To $945 Million

Megaworld, the real estate developer owned by billionaire Andrew Tan, has allocated 50 billion pesos ($945 million) for capital expenditures this year. The company said in a statement released on Monday that its budget was increased 32% from last year’s expenditures in anticipation of the economic recovery following the pandemic.

About 75% of the budget will be used for developing real estate projects including new residential properties and townships. The remaining 25% will be allocated for land acquisition and property investment. “We have accelerated some projects to pave the way for opportunities coming from the pandemic recovery,” Kevin L. Tan, chief strategy officer of Megaworld, said in the statement.

Megaworld expects to launch four townships this year covering a total area of 500 hectares of land spread across Metro Manila, Calabarzon, and Mindanao. The new townships will be added to Megaworld’s existing 28 townships in 30 cities across the Philippines.

Moreover, Megaworld said it also expects to launch 14 new residential and commercial projects with a total sales value of 30 billion pesos. Some residential and commercial projects to launch this year including Maple Grove in Cavite and Paragua Coastown in Palawan.

Megaworld was founded by its chairman and president Andrew Tan in 1989. It began developing high-end residential condominiums and commercial properties near Metro Manila and in 1996 expanded into mixed-use community townships. Today, the company’s portfolios include offices, hotels, and malls. Besides Megaworld, Andrew Tan also chairs the Philippines-listed conglomerate Alliance Global Group and beverage company Emperador.