Megaworld is planning to increase its footprint in real estate in the Philippines by pursuing an aggressive expansion plan. The real estate developer recently announced plans to open six more townships from 2019 to 2020. By next year, the company aims to have 30 townships under its portfolio.
According to a report from Sun.Star Cebu, the company has acquired land for the past five years to pursue new developments which total 2,000 hectares in land area. Five of the townships and lifestyle communities will be located in Luzon and Mindanao.
To pursue its plans, the company has set aside PhP300 billion in capital spending from 2020 to 2024. Sixty-five per cent of the amount will be set aside for developing residential and investment properties, while the rest will be dedicated to land acquisition and banking.
In Cebu, Megaworld’s notable development is Mactan Newtown. It is Megaworld’s first township outside Metro Manila with its own beachfront. The 28-ha. development is envisioned to be a one-stop shop where people can live, work, and play.
Mactan Newtown is home to commercial spaces like One World Center and Two World Center where business process outsourcing (BPO) companies hold offices. By 2021, the company plans to add five to 10 more office towers.
Within the township are different types of high-rise condominiums. The Spanish-inspired La Victoria Global Residences has 181 units. On the other hand, 8 Newtown Boulevard is inspired by Japanese architecture while One Pacific Residence has beach-inspired features.