The beautiful property development here in Negros aptly named Forbes Hill is gearing for full-swing development this year as real estate giant Megaworld announced that they are vamping their investments with a staggering $55 Billion.
All these money spreading around the country is by Megaworld together with its subsidiary brands Global-Estate Resorts, Inc. (GERI), Empire East Holdings, Inc., and Suntrust Properties, Inc. as part of their capital expenditures (CAPEX) this year. They are aggressively expanding its rental portfolio, particularly its mall and office businesses. A press release from the company said that 75% percent of the capital spending for the year will be used for development projects, particularly on the construction of new malls, commercial centers, office buildings and residential projects in townships. The rest of the money will then be spent for land acquisition and investment properties.
Forbes Hill is the first
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“This year, we will start developing our new townships in Pasig City, Bacolod and Pampanga while we ramp up our office and mall developments across our existing townships. We are bullish on the office and retail sectors because we see a remarkable growth in these businesses,” says Jericho P. Go, senior vice president, Megaworld.
The Megaworld Group, which also includes residential brands Suntrust Properties, Inc., Empire East Land Holdings, Inc. and Global-Estate Resorts, Inc., is set to launch 14 residential projects in Metro Manila, Pampanga, Iloilo, Cavite, Davao, Tagaytay, Baguio, and Batangas this year. They are also launching fourteen office towers, malls, and commercial centers in McKinley West, Uptown Bonifacio, The Mactan Newtown, Arcovia City, Iloilo Business Park, SouthwoodsCity, The Mactan Newtown, and Alabang.
“We will certainly achieve the P11-billion rental revenue target by year-end,” reveals Go.
In 2015, the Megaworld Group has completed 16 residential projects and six BPO office towers with retail components across its integrated urban townships.
At present, Megaworld holds a record for being the master-developer of twenty integrated urban townships in the Philippines. Its total land area spans over 4,000 hectares already in totality. Eleven townships are in major cities in the countryside while nine are in Metro Manila. The company is also one of the biggest property developers in the Makati Central Business District, the country’s premier financial center, with a total of 27 residential and office towers built today.
There is such a thing as a “mature” township, where the developer has already put in the necessary elements. “Several townships are already mature, which means, we have already built in them the substantial components of a complete “live-work-play” community such as Eastwood City and McKinley Hill. We are moving towards making our other townships mature as well, especially those outside of Metro Manila,” explains Go.