Strategic Vision: Scaling Up Megaworld’s Leasing Portfolio
Megaworld, the renowned property giant, is gearing up for an impressive leap in its leasing portfolio, aiming to soar to 3,000,000 square meters of gross leasable area (GLA) by 2030 for both Megaworld Premier Offices and Megaworld Lifestyle Malls. This visionary goal marks a staggering 52% increase in the company’s leasing portfolio by the end of 2023.
Forward-Thinking Roadmap: CEO Kevin L. Tan’s Insights
At the recent Annual Stockholders’ Meeting, Kevin L. Tan, the CEO of Alliance Global Group, Inc., disclosed Megaworld’s strategic roadmap. By 2030, the company anticipates expanding its gross leasable area for office spaces to 2,000,000 square meters, while the GLA for malls is projected to hit 1,000,000 square meters.
Investment in Growth: Capital Expenditure and Expansion Plans
“Fueling the growth of our malls and office segments over the next six years is pivotal to our ongoing expansion,” Tan emphasized. He highlighted the allocation of P55 billion for capital expenditure this year, a crucial component of the company’s comprehensive P350 billion five-year capex program initiated in 2023. This budget will drive the development of existing and upcoming townships, residential projects, investment properties, and land acquisitions.
Expansion Horizons: Emerging Markets and Township Developments
The forthcoming office stocks will primarily emerge from Megaworld’s dynamic townships in Bulacan, Pampanga, Cavite, Bacolod, and Metro Manila. Similarly, the expansion of retail spaces will emanate from lifestyle mall properties across Cavite, Rizal, Pampanga, Bulacan, Bacolod, Cebu, Davao, Boracay, and Palawan.
Achievements in 2023: Momentum Towards Growth
In 2023, Megaworld Premier Offices expanded its portfolio by 69,000 square meters of GLA, reaching 1.5 million square meters after the successful turnover of the International Finance Center in Uptown Bonifacio. Meanwhile, Megaworld Lifestyle Malls augmented its GLA by 33,000 square meters, totaling 517,000 square meters, with the inauguration of four new retail destinations across various Megaworld townships, including the Philippines’ largest Landers Superstore situated at The Upper East in Bacolod City.
Outlook for 2024: Continuing the Trajectory of Success
As 2024 unfolds, Megaworld is set to finalize approximately 180,000 square meters of offices and around 100,000 square meters of mall and commercial retail spaces for the year, underlining its relentless pursuit of excellence and innovation in the real estate landscape. Stay tuned as Megaworld continues to redefine urban living and commercial spaces, shaping the future of Philippine real estate.
Innovative Living Redefined: Introducing Kensington Sky Garden
Amidst Megaworld’s ambitious expansion plans, one of its flagship projects in Bacolod, the Kensington Sky Garden, emerges as a beacon of modern living and sustainability. Set to be the tallest residential condo in the Visayas region, this two-tower development within The Upper East township promises unparalleled luxury and convenience. Boasting 643 ‘smart home’ units, residents will enjoy cutting-edge technology at their fingertips, including remote control access via a dedicated phone app. With its Victorian-inspired design, the main lobby exudes elegance, while the ground level offers retail spaces to complement the vibrant atmosphere.
Notably, Kensington Sky Garden pioneers sustainability with an electric vehicle (EV)-charging facility, promoting eco-friendly living. Scheduled for completion in 2029, this project underscores Megaworld’s commitment to redefining urban living in Bacolod City. Stay tuned as Kensington Sky Garden transforms the city’s skyline and sets new standards for luxurious, sustainable living.
