PROPERTY giant Megaworld Corp. is channeling part of the P3.4 billion raised from the block sale of MREIT Inc. shares to expand its township developments in key provincial cities, including Cebu.
The company said a portion of the proceeds will fund new income-generating assets such as office towers, malls, and hotels across its estates in The Mactan Newtown in Lapu-Lapu City, The Upper East in Bacolod and Paragua Coastown in Palawan.
In Cebu, Megaworld is ramping up construction within the 30-hectare Mactan Newtown estate, which it describes as a business, lifestyle, and tourism hub with a beachfront amenity. The township currently hosts five office towers, two hotels, and four completed residential projects, with three more under construction.
The company is also building two major tourism-related projects in Lapu-Lapu City — the Mactan Expo, a convention center, and the Mactan World Museum, which will showcase the island’s role in Philippine history, particularly the events of 1521.
“These provincial townships have huge potential for tourism, which will drive business and job creation in these localities,” said Lourdes Gutierrez-Alfonso, Megaworld president and chief executive officer.
The reinvestment strategy forms part of Megaworld’s broader plan to strengthen its regional presence while providing a future asset pipeline for MREIT. “We are laying the groundwork for growth beyond our one-million-square-meter gross leasable area target,” said Kevin Tan, MREIT chairman.
MREIT’s current portfolio includes 24 office properties across five Megaworld townships — Eastwood City, McKinley Hill, McKinley West, Iloilo Business Park and Davao Park District.
The Cebu expansion underscores Megaworld’s continued push to anchor its real estate growth on integrated provincial townships that combine tourism, business and community development. / KOC