Following the block sale of MREIT shares in July and September amounting to around P3.4 billion, property giant Megaworld is set to reinvest the proceeds to expand the offerings of its three township developments, namely, 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.
Currently, Megaworld is developing a 34-hectare modern business and lifestyle district in the eastern part of Bacolod City, just within a location across the Government Center.
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.
By next year, the company is set to start constructing its lifestyle mall within the township.
In Lapu-Lapu City’s booming tourism coastline, 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. The township is also home to five office towers and two hotels.
Two tourism-related facilities are also being constructed: the Mactan Expo, which is a standalone convention center, and the Mactan World Museum, a multi-level historical and cultural museum that commemorates the Spanish arrival to the Philippines in 1521 where Mactan Island played a significant part in its history.
In San Vicente, Palawan, the company is developing a 462-hectare eco-tourism community just along the country’s longest coastline.
Currently, Megaworld is building two hotels, two residential condominiums, a residential village, commercial districts, and nature parks inside the estate.
“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,” Lourdes Gutierrez-Alfonso, president and CEO of Megaworld, said in a statement Oct. 13.
“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. As we move closer to our one-million square meters of GLA target, we are already laying the groundwork for growth beyond that milestone. These projects will not only sustain MREIT’s expansion pipeline but also enhance its long-term earnings visibility and shareholder value,” Kevin Tan, chairman of MREIT Inc., added.
Currently, MREIT’s portfolio comprises 24 prime office properties strategically located in five Megaworld townships: 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. ||
