Megaworld sets aside P55-b for expansion

DUBAI: Megaworld, along with its subsidiaries, will this year be allocating P55 billion for its rental portfolio expansion , particularly malls and offices, according to Roselou T. Jomah, the realty company’s assistant vice president for sales in the Middle East and Africa.
“Seventy-five percent of the capital spending will be used to construct new malls, commercial centers and office buildings while 25 percent will be used for land acquisition and investment properties,” Jomah told The Filipino Times in an email interview from Manila.

By 2020, she said, Megaworld “will not only be the largest condominium developer in the Philippines but a strong player in office, mall and hotel developments as well.”

Jomah said the company’s bullish performance for the past several years is attributed to its “aggressive expansion of its townships.”

“This time, we are looking on building our recurring income portfolio through the construction of more malls and commercial spaces in all of our integrated, mixed-use communities. We will continue to build more self-sustaining communities that will make living, working, playing and shopping more exciting to Filipinos,” Jomah said.

Meantime, she said Megaworld is likewise expanding its rental portfolio as the real estate sector is expected to drive the economic growth of the Philippines in the succeeding years. “Demand will be driven by a number of factors, resulting in well-distributed growth across the sector,” she said.

The continuing growth in the Business Process Outsourcing (BPO) sector and the growth in consumer spending will certainly help boost the company’s revenues, she said.

“Megaworld is now expanding its rental portfolio to capitalize on the BPO sector and consumer spending growth,” Jomah added.