Property giant Megaworld Corporation has announced plans to reinvest approximately P3.4 billion from the block sale of MREIT shares in July and September to expand its township developments in Bacolod, Cebu, and Palawan.
The reinvestment will focus on creating new income-generating assets, including office towers, lifestyle malls, hotels, and other facilities.
The company is currently developing three major townships:
The Upper East in Bacolod: A 34-hectare modern business and lifestyle district located across the Bacolod City Government Center.
The township, built on the former Bacolod-Murcia Milling Company sugar mill complex, has already completed three residential condominium towers and one office building.
Two more residential developments, one office tower, and one hotel are under construction.
By next year, construction of a lifestyle mall will commence.
The Mactan Newtown in Lapu-Lapu City, Cebu: A 30-hectare business, lifestyle, and tourism district along the city’s booming coastline.
The township features a beach as a unique amenity, with four residential developments completed and three more under construction.
It is also home to five office towers, two hotels, and two tourism-related facilities currently being built: the Mactan Expo convention center and the Mactan World Museum, a multi-level historical and cultural museum.
Paragua Coastown in San Vicente, Palawan: A 462-hectare eco-tourism community situated along the country’s longest coastline.
Megaworld is developing two hotels, two residential condominiums, a residential village, commercial districts, and nature parks within 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 expand our offerings to generate more jobs and boost tourism in these exciting destinations,” said Lourdes Gutierrez-Alfonso, President and CEO of Megaworld.
Kevin L. Tan, Chairman of MREIT, Inc., added, “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.”
Currently, MREIT’s portfolio includes 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.
Megaworld remains committed to driving economic growth and tourism in key provincial areas through its innovative township developments.
