Philippine Developer Megaworld Boosts Capital Spending To $945 MillionMegaworld, the real estate developer owned by
billionaire Andrew Tan, has allocated 50 billion pesos ($945 million) for capital expenditures this year. The company said in a statement released on Monday that its
budget was increased 32% from last year’s expenditures in anticipation of the economic recovery following the pandemic.
About 75% of the budget will be used for
developing real estate projects including new residential properties and townships. The remaining 25% will be allocated for land acquisition and property investment.
Megaworld expects to
launch four townships this year covering a total area of 500 hectares of land spread across Metro Manila, Calabarzon, and Mindanao. The new townships will be added to Megaworld’s existing
28 townships in 30 cities across the Philippines.
