PROPERTY giant Megaworld will start the construction of its lifestyle mall within the township, The Upper East, in Bacolod City in 2026.
Following the block sale of Megaworld Real Estate Investment Trust (MREIT) shares in July and September 2025 amounting to around P3.4 billion, Megaworld will reinvest the proceeds to expand the offerings of its three township developments at The Upper East in Bacolod, The Mactan Newtown in Lapu-Lapu City, Cebu, and Paragua Coastown in San Vicente, Palawan.
These new offerings include new income-generating assets office towers, lifestyle malls, and hotels, among others.
At present, Megaworld is developing a 34-hectare modern business and lifestyle district in the eastern part of Bacolod City near the Bacolod City Government Center (BCGC).
The township, which stands on a property that used to be the Bacolod-Murcia Milling Company sugar mill complex, has already completed the construction of three residential condominium towers and one office building, while two more residential developments, one office tower, and one hotel are under construction.
Lourdes Gutierrez-Alfonso, president and CEO, Megaworld, said in a statement that these three provincial townships, while different in scale and themes, have huge potential for tourism, which will drive business into these localities.
“We hope to be able to expand our offerings that can generate more jobs and help boost tourism in these exciting destinations. We look forward to the new income-generating assets that will be part of the potential future assets of MREIT, particularly the new malls and offices that will be built,” she said.
In Lapu-Lapu City, the company is also developing a 30-hectare new business, lifestyle and tourism district with its beach that serves as a unique amenity for the entire township.
At present, four residential developments have already been completed while three more are under construction.
In San Vicente, Palawan, the company is also developing a 462-hectare eco-tourism community just along the country’s longest coastline. It is building two hotels, two residential condominiums, a residential village, commercial districts, and nature parks inside the estate.
For his part, Kevin Tan, chairman, MREIT Inc., said these projects will not only sustain MREIT's expansion pipeline but also enhance its long-term earnings visibility and shareholder value.
MREIT is now holding 24 prime office properties in five Megaworld townships include in Eastwood City in Quezon City, McKinley Hill and McKinley West in Taguig, Iloilo Business Park in Iloilo City, and Davao Park District in Davao City. (MAP)