Megaworld to spend Php180-B for provincial townships
June 18, 2016 2:06 am
MANILA, June 17 — Megaworld Corp., the country’s largest developer of integrated urban townships, will spend about Php180 billion to develop its provincial townships in the next 10 years, as opportunities for economic growth look bigger outside of Metro Manila.
“Remember the Philippines has been growing for the last 15 to 16 years already, uninterrupted. There are a lot of opportunities outside Metro Manila… We are well-positioned to grow even more in the regions,” said Megaworld executive director Kingson Sian.
To date, Megaworld has launched 21 integrated urban townships across the country covering around 3,061 hectares in land area.
Twelve of them, or more than half, are in the provinces covering around 2,807 hectares while the remaining nine are in Metro Manila covering 254 hectares.
Eight of the company’s 10 biggest townships are in the provinces, with Alabang West and McKinley Hill as the only two Metro Manila townships in the list.
“Mactan is already developing, Iloilo already developing, Davao we're already developing. If at all, we can even accelerate (the pace of development),” Sian said.
The company, led by tycoon Dr. Andrew L. Tan, secured its mark in the real estate industry by acquiring land in mostly prime areas around the Philippines during the past two decades.
The result of Megaworld’s sound land banking is its current footprint of over 4,000 hectares throughout strategic areas in the main regions of the country.
“So far, we have utilized a little over 3,000 hectares of our land bank for our township developments. This means, we still have around 1,000 hectares of land to develop and we are excited to do that in the years to come,” added Sian. (PNA)