Property giant Megaworld is ramping up its leasing portfolio until 2030 in order to reach 3,000,000 square meters of gross leasable area (GLA) for both Megaworld Premier Offices and Megaworld Lifestyle Malls.
This is 52 percent higher than the company’s total leasing portfolio, as of end-2023.
During the company’s annual stockholders’ meeting, Alliance Global Group Inc.’s chief executive officer Kevin Tan revealed that Megaworld’s gross leasable area for office spaces will reach 2,000,000 square meters by 2030, while gross leasable area for malls will reach 1,000,000 square meters by then.
“Growing our malls and office segments within the next six years is a big part of our continuing expansion,” Tan said in a statement May 13. “This year, Megaworld has budgeted P55-billion for capital expenditure, which is an important part of our overall P350-billion five-year capex program that began in 2023.”
The budget will be used to develop our existing and upcoming townships, residential projects, investment properties, as well as land acquisition,” he added.
These new office stocks will be from its townships in Bacolod, Bulacan, Pampanga, Cavite, and Metro Manila. The new retail spaces, on the other hand, will come from its lifestyle mall properties in Bacolod, Cavite, Rizal, Pampanga, Bulacan, Cebu, Davao, Boracay, and Palawan.
In 2023, the company expanded its office portfolio under Megaworld Premier Offices by 69,000 square meters of GLA to 1.5 million square meters, after the successful turnover of the International Finance Center in Uptown Bonifacio.
On the other hand, Megaworld Lifestyle Malls expanded its GLA by 33,000 square meters to 517,000 square meters, with the opening of four new retail locations in various Megaworld townships, including the Philippines’ biggest Landers Superstore at The Upper East in Bacolod City.
By the end of 2024, Megaworld will complete around 180,000 square meters of offices and around 100,000 square meters of mall and commercial retail spaces. ||
