Megaworld allots P10 billion for mall footprint expansion

NEGROS OCCIDENTAL. A day shot of the Festive Walk Mall in Iloilo City, one of the Lifestyle Malls of property giant Megaworld Corp. (Contributed Photo)

IN A bid to expand its lifestyle malls footprint in the provinces including Negros Occidental, property giant Megaworld Corporation has earmarked P10 billion for eight malls and commercial centers outside Metro Manila.

These expansions in key regional centers across the country are up for opening in the next three years.

The company, in a press statement, said it is offering around 200,000 square meters of fresh retail inventory that will open until 2022 in Bacolod, Cebu, Davao, Boracay, Cavite, and Pampanga.

Kevin Tan, chief strategy officer of Megaworld, said for the next three years, the Megaworld Lifestyle Malls brand will be seen in key growth areas around the country as it continues to tap opportunities for retail partners to further expand and grow their brands with the company.

Each new mall will have a distinct character and vibe, a concept in which Megaworld Lifestyle Malls has been known for.

"We veer away from standardizing our malls. We study and curate them based on what its location is all about. We want each mall to have its own charm and identity - something that makes each one ‘endemic’ to the city where it is located," Tan said.

Among the malls that will be opened in the next two years include the Maple Grove Mall in General Trias, Cavite, which will be a greenhouse-inspired mall surrounded with gardens and trees – complementing the "green" vibe of the Maple Grove township.

In Negros Occidental, the Northill Town Center will be opened at the Northill Gateway in Bacolod City, which will showcase the "hacienda-style" town center in which Negros has been known for.

"Our goal is to have a mall in each township that we have. In every lifestyle mall, we will always help and support local entrepreneurs in that area to flourish and build their businesses with us," he added.

Megaworld currently has 17 lifestyle malls across the Philippines, and a total retail space portfolio of around 710,000 square meters.

Among its flagship malls under the Megaworld Lifestyle Malls brand include Eastwood Mall in Quezon City; Uptown Mall, Venice Grand Canal, and Forbes Town in Taguig City; Newport Mall at Resorts World Manila in Pasay City; Lucky Chinatown in Binondo, Manila; Southwoods Mall in Biñan, Laguna; and Festive Walk Mall in Iloilo City.

In 2018, Megaworld Lifestyle Malls rental revenues reached P5.5 billion, almost 40 percent of the company's rental revenues last year. (EPN)


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