PROPERTY-LISTED Megaworld is increasing its capital expenditure to P65 billion this year as it accelerates the expansion of its township developments, with a sharper focus on growth areas outside Metro Manila.
The budget will be allocated to land acquisition, strategic land banking and the development of existing projects, as well as high-value investment properties.
This year, the company will begin land development for provincial townships including Ilocandia Coastown in Ilocos Norte, The Upper Central in Cagayan de Oro City and Nascala Coast in Nasugbu, Batangas.
Megaworld is also expanding its residential, office and retail offerings in townships across Bacolod, Iloilo, Pampanga, Cavite and Palawan, supporting the growth pipeline of its real estate investment trust, MREIT, Inc., through future property infusions. On the residential side, the company plans to launch 19 projects this year valued at P65 billion, spanning key locations nationwide, including in Cebu.
It is likewise accelerating its hospitality expansion, with five hotels under construction that will add nearly 2,000 rooms, bringing it closer to its target of over 9,000 room keys within three years.
Recently, Megaworld announced its 37th township, the 97-hectare The Sugartown in Talisay City, Negros Occidental.